Ripple Rebounds and Breaks Price Range, Struggles to Hold Above $0.26 Support
Nov 07, 2020 at 12:32 //
News
Today, Ripple bulls have broken the resistance at $0.26 after an impressive bullish run. Nonetheless, the bullish momentum must be maintained to avoid price sliding back into the range-bound zone.
The current price action was a bullish reaction after the coin plunged to a $0.227 low. The bulls have earlier bought the dips as price rallied to a $0.24 high. At the recent high, sellers pushed the price back to a $0.234 low.
On November 4, the price tussle continued but a rebound at the $0.234 low catapulted the coin to the $0.26 high. Buyers retested the resistance twice at $0.26 before pushing XRP above it. Buyers have the task of sustaining the current bullish momentum. On the upside, XRP is likely to reach a high of $0.30 if buyers sustain the current bullish momentum. Conversely, if buyers fail to continue to push on the upside, XRP will fall to the range-bound zone. This will mean another day of range-bound movement within the current price range. Today, Ripple is trading at $0.266 at the time of writing.
Ripple indicator analysis
First and foremost, the resistance line of the ascending channel has been broken. When price breaks and closes above the resistance line, it means a further upward movement of the coin. Also, the price bars are now above the SMAs which suggest a further upward movement of the coin. The coin is in a strong bullish momentum as it is above the 75% range of the daily stochastic.
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?
Unfailingly, XRP is likely to rise after breaking the resistance line of the ascending channel. On November 3 uptrend; the crypto was resisted at the $0.24 high. However, the retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies that the coin will rise to level 2.618 Fibonacci extension. The extension is equivalent to $0.2705 high.
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