Ripple Reaches Target Price of $0.30 High but Struggles to Sustain on the Upside
Nov 17, 2020 at 11:02 //
NewsRipple (XRP) price analysis, November 17. Ripple has made positive moves soon after the November 13 breakout at the $0.26 overhead resistance.
Ripple (XRP) Price Long-Term Forecast: Bullish
The upside momentum is expected to reach a high of $0.30 but buyers face minor resistance as the coin pushes on the upside. For example, the resistance at $0.275 impeded the upward move. Buyers retested the $0.275 resistance thrice for three days before breaking the resistance level. XRP achieved price acceleration soon after the minor resistance was breached.
On November 16, after the second breakout, the price rallied to $0.29965 high. The altcoin has a target price of $0.30 if the rally is ended. Nonetheless, the price momentum will extend to $0.32 high once the target price is met. However, if the bulls fail to push XRP above the $0.30 high, the Ripple coin will be range-bound between $0.26 and $0.30. Meanwhile, the bullish momentum is ongoing.
Ripple (XRP) Indicator Analysis
A bullish trend line is drawn showing the support levels of price. XRP is making a series of higher highs and higher lows. The Ripple price will continue to rise as long as the price does not break below the trend line. The current bullish trend will be terminated once the price breaks below the trend line. The crypto is now above the 80% range of the daily stochastic. Ripple is trading in the overbought region of the market. The bullish trend is likely to continue but if sellers emerge, XRP will fall.
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 (XRP)?
The Fibonacci projected price target has been achieved as price breaks the $0.26 overhead resistance. According to the Fibonacci tool analysis, the market will reach a high of $0.3012 but the momentum is likely to continue to rise. However, the bulls have to sustain the current upside momentum above the $0.28 support.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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
