Ripple Sustains Rallies, Eyes above $0.36 Resistance
Aug 06, 2020 at 11:00 //
News
Despite the recent downtrend of Ripple, the crypto has almost recovered from the sudden downturn. On May 2, XRP had earlier plunged from the high of $0.325 to $0.24 low.
In a swift reaction, buyers moved price upwards to $0.32 high but sustained the upward move. Today, XRP is trading above $0.30 at the time of writing. In the last 48 hours, the market has been holding above $0.295 support.
Buyers pushed XRP to $0.32 but failed to push above it. The recent resistance at $0.32 is the previous historical price level in February. The coin will rally above $0.35 if the buyers pushed above $0.32 and $0.325 resistance. However, XRP will continue its sideways move below the resistance if buyers fail to break the resistance. Alternatively, a downward move is likely if price breaks below $0.29 support.
Ripple indicator analysis
For the past four days, the price has been sustaining above the resistance line. Technically, when price breaks and closes above a trend line the upward move will continue. We expect XRP to rise. The crypto is still in a bullish momentum as it trades above 80% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What is the next move for Ripple?
Ripple was resisted at $0.32 resistance in the August 3 uptrend. A red candle body tested the 0.50 Fibonacci retracement level. This means that Ripple will reach the high of level 2.0 extension level when the uptrend resumes. Possibly, it will reach a high of $0.36.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow