Ripple Shows Sign of Strength as It Attempts to Break the Resistance at $0.50
Feb 25, 2021 at 10:17 //
NewsFollowing the recent breakdown, the XRP price corrected upward but the uptrend was repelled at the $0.50 high. The altcoin resumed a downward move as a result of the resistance.
On the downside, if sellers push the price and it breaks the previous support, the selling pressure is likely to resume. Consequently, XRP may further decline to a $0.25 low. On the other hand, if the bears fail to break the support at $0.36 low, then we should expect XRP to be in range bound movement between $0.36 and $0.50. Meanwhile, the cryptocurrency is trading at $0.45 at the time of writing. Nevertheless, if the bulls break above the $0.50 resistance, the altcoin will resume upside momentum.
Ripple indicator analysis
XRP price has broken below the SMAs but the price pulled back. The candlestick is showing a long tail. This indicates an attraction of buyers at a lower price level. It also confirms that the bulls have bought the dips. Presently, XRP is at level 45 of the Relative Strength Index period 14. It is below the centerline 50 and it is capable of falling.
Technical indicators:
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
What is the next move for Ripple?
Following the rejection at the $0.50, the price appears to be falling on the downside. The downtrend will resume if price breaks the $0.35 support. On February 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Ripple will decline to level 1.618 Fibonacci extension or $0.186 low.
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