Ripple Surges Higher, Breaks $0.26 Overhead Resistance, and Targets $0.30 High
Nov 14, 2020 at 12:31 //
NewsFinally, buyers have pushed XRP above $0.26 overhead resistance after over two months of range-bound movement.
The breakout is convincing as the bullish momentum has been sustained. XRP is approaching the high of $0.27579 at the time of writing. The upside momentum is expected to reach a high of $0.30.
Subsequently, the price momentum will extend to a $0.32 high. Nonetheless, XRP will face little resistance at the $0.30 high. A break above the $0.30 high will push Ripple above $0.32. Incidentally, the coin will be out of the bear market. Meanwhile, the current bullish momentum is ongoing as the bulls take control of the price.
Ripple indicator analysis
First and foremost, the price has broken the resistance line of the horizontal line. This time the price momentum has been sustained because the candlestick closed thereafter. Subsequent bullish candles have been opened. In recent times, we have witnessed a false breakout above the $0.26 overhead resistance. Also, XRP is above the 80% range of the stochastic indicator. It implies that the coin is approaching the overbought region of the market.
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 has broken above the $0.26 overhead resistance. The projected target price is likely to be achieved. We have already suggested that the retraced candle body on November 7 tested the 50% Fibonacci retracement level. This has given us the impression that the coin will reach level 2.0 Fibonacci extension. This extension is the same as $0.30209 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