Ripple Takes Giant Stride to Breach $0.305 Resistance, Retests $0.34 High
Nov 21, 2020 at 11:42 //
NewsRipple bulls have recovered from an earlier downtrend as the coin rebounded on November 19 to rally above $0.305 resistance. In other words, the bulls buy the dips to push XRP above the $0.305 high.
In the first uptrend, XRP faced rejection twice at the $0.305 resistance as Ripple plunged to $0.28 low. After a downward correction, Ripple is back on its positive moves. Buyers have broken the resistance at $0.305 and the price momentum has also broken the overhead resistance at $0.32. The altcoin has risen to $0.344 high at the time of writing.
Sellers are defending the recent high as buyers pushed the coin to $0.344 high. On the upside, if buyers overcome the $0.344 resistance, XRP will rally above $0.40 high. On the other hand, the coin will be compelled to a sideways move if buyers fail to break the current resistance. That is XRP will fall and become range bound between $0.32 and $0.34.
Ripple indicator analysis
Ripple is above 80% range of the daily stochastic. Similarly, XRP is at level 80 of the Relative Strength Index Period 14. It appears the indicators are pointing to the overbought condition of the market. However, in a strong trending market, the overbought conditions may not hold. In other words, Ripple will rise. On the other hand, if the overbought conditions hold, sellers will emerge.
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?
The price action has aligned with the projected price level. On November 17 uptrend, XRP was resisted. The retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will rise and reach level 1.618 Fibonacci extensions or the high of $0.3375. Today, Ripple is trading at $0.3365 at the time of writing.
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