Ripple Makes Positive Moves but Lacks Buyers at a Higher Price Level
Feb 06, 2021 at 12:07 //
NewsYesterday, Ripple bulls made positive moves into the previous highs after a disappointing price spike. The upward move has been stalled at the $0.50 resistance.
Today, XRP has retraced to $0.438 low and it is fluctuating above the $0.40 support. The bulls have a chance of further upward move as price is in the bullish trend zone. If buyers push XRP above $0.50 resistance, the altcoin will rise to revisit highs of $0.60 and $0.75 price levels.
Conversely, if the bulls are repelled at the $0.50 resistance, the market will fall into the range-bound zone of $0.20 and $0.40. In the meantime, XRP is consolidating above the $0.40 support. The price action is characterized by small body indecisive candlesticks. These small body candlesticks are indicating that buyers and sellers are undecided about the direction of the market.
Ripple indicator analysis
The market is above level 62 of the Relative Strength Index period 14. It indicates that price has not got any room to rally on the upside. There is also a bullish crossover as the 21-day SMA crosses above the 50-day SMA. It is an indication that the market will rise on the upside.
Technical indicators:
Major Resistance Levels – $0.50 and $0.45
Major Support Levels – $0.35 and $0.30
What is the next move for Ripple?
XRP is likely to rise as it is in the bullish trend zone. The cryptocurrency has made several moves to break into the previous highs. The Fibonacci tool has also indicated an upward move of Ripple. On January 31 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ripple will rise to level 1.618 Fibonacci extension or $0.683 high.
Disclaimer. This analysis and forecast are the personal opinions of the author 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
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow