Ripple Struggles Below $0.26 Resistance, Possesses Inadequate Buyers at Higher Price Levels
Oct 24, 2020 at 09:49 //
News
In the last 48 hours, buyers broke the $0.26 overhead resistance but the bullish momentum reached the price at $0.26392 before it was repelled. Since September 25, XRP has not been able to trade above the overhead resistance.
This is because of the absence of buyers at higher price levels. Consequently, Ripple fell and found support above the 21-day SMA. Whenever XRP falls above the SMAs, the coin will be in a range-bound movement between $0.24 and $0.26 for a few more days.
However, if the coin falls below the SMAs, the range-bound movement will be between $0.22 and $26. In the meantime, the crypto has fallen above the SMAs that means the upside range will continue to retest the overhead resistance at $0.26. The coin is trading at $0.254 at the time of writing. On the upside, a strong bounce above the current support will propel the price to break the overhead resistance.
Ripple indicator analysis
In the bullish trend zone, the price has already broken the SMAs and the resistance line of the descending channel. The implication is that the coin will rise by breaking above the SMAs. Also, XRP will rise because the resistance line has been broken as there is likely to be a change in the trend. The RSI indicates that the coin is at level 56, that is, the uptrend zone.
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?
Despite the rejection and subsequent retracement, the coin is expected to rise again. On October 22 uptrend, the bulls partially broke the resistance but were resisted. The last retraced candle body tested the 61.8% Fibonacci retracement level. That means when the uptrend resumes, the coin will rise and reach level 1.618 Fibonacci extension. In other words, Ripple will reach a high of $0.278.
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