Ripple Rebounds Above $0.23 Support, Faces Fresh Rejection at $0.24 High
Nov 05, 2020 at 13:10 //
News
On November 3, Ripple dropped to the low at $0.2275 after a prolonged downtrend. Before now, XRP has been range-bound between $0.23 and $0.26.
The downtrend was a result of the resistance at the $0.26 high. On November 3, the bulls buy the dips as Ripple rises to the range-bound zone. Buyers pushed the price to the range-bound zone at a high of $0.2430.
The price fell again to $0.234 to resume the range-bound movement. Sellers are still in control as the recent uptrend is facing rejection at the $0.24 high. There is the tendency of price resuming the downtrend as it faces rejection. Meanwhile, if the $0.23 support holds, XRP will resume a sideways move for a few days.
Ripple indicator analysis
The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. The coin is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum. The RSI indicates that XRP is in the downtrend zone and capable of falling. On the daily chart, the price bars are still in the bearish trend 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?
Ripple upward move is likely to be within the price range as price faces rejection at $0.24 high. On November 4 upward move the coin was resisted at $0.239 high. The retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the upward move will reach level 1.272 Fibonacci extensions and reverse. The market will reverse and return to the 78.6% retracement level where it originated. In the meantime, XRP is fluctuating between levels of $0.237 and $0.24.
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