Ripple Jumps and Breaches Three Resistances, Battles the Next Resistance at $0.30
Sep 01, 2020 at 10:46 //
News
Ripple upward move depended upon breaking above the EMAs or the crucial $0.28 support level. XRP rebounded and reached above those levels but faces rejection at the $0.285 high.
The coin retraced to $0.28 support and rallied again. The crypto reached another high of $0.295 to face another resistance. Expectantly by chart estimation, Ripple has a target price of $0.36.
The current uptrend is likely to continue if the price remains above the current support and the EMAs. This will ensure the extension of the momentum to retest or break the $0.32 resistance. There is the hope of reaching our target price once the overhead resistance is cleared. However, the current bullish scenario can be invalidated if buyers fail to hold the $0.28 support. The market will fall to $0.26 low again.
Ripple indicator analysis
Ripple resumes upward and breaks above the EMAs and the support line of the ascending channel. It indicates that the coin will be rising to the previous highs. Today, Ripple is in a bullish momentum as the price is above the 40% range of the bullish momentum.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What is the next move for Ripple?
As the coin resumes bullish momentum, it is expected to reach the previous highs. From the chart, the red candle body tested the 78.6$% Fibonacci retracement level and this determines XRP's next move. After breaking the $0.32 resistance, the market will rise to 1.272 Fibonacci extension level or the $0.36 high. Ripple is expected to reverse at the 1.272 extensions to 78.6 % retracement level where it originated. However, the reversal will not be immediate.
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