Ripple Stuck Below $0.248 Resistance, Unable to Push to Upside
Oct 01, 2020 at 12:26 //
News
Following the recent rebound above $0.22 support and the subsequent rise above $0.24, Ripple has resumed a sideways move below the 0.248 resistance.
The range-bound movement becomes necessary because buyers have failed to push the price above the $0.248 resistance. As a result, XRP has been on a sideways move for the past week. Each time, XRP retests the resistance zone, the price will fall to $0.238 support and resume upward immediately.
Today, XRP is trading at $0.244 but fluctuates between $0.238 and $0.248 price levels. The upside momentum will resume if buyers break the $0.248 resistance. Once resistance is broken, the market will reach a high of $0.26. At this support, the market will have an accelerated price movement to $0.30 high. However, if the bears eventually break below $0.238 support the downtrend will resume.
Ripple indicator analysis
XRP is at level 49 of the Relative Strength Index period 14. It indicates that there is a balance between supply and demand. XRP price is still in the bearish trend zone as the upward move will be an uphill task.
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 uptrend is hindered as the coin continues its sideways move below the resistance. On September 26, a red retraced candle body tested the 88.6 % Fibonacci retracement level. It indicates that the market will rise and reach the 1.129 Fibonacci extension level. That is XRP will reach a high of $0.249.
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