Ripple Rebounds above $0.76 Support, Can Bulls Sustain an Upturn?

Dec 07, 2021 at 09:37 // News
Coin Idol
Ripple has risen back above the $0.74 support

The price of Ripple (XRP) is in an uptrend, reaching the high of $0.83. Buyers have a tough task ahead to take XRP above the $1.10 resistance and above the moving averages.

However, the current downtrend has been exhausted as the bulls bought the dips. For example, Ripple's price fell sharply to the low of $0.57 on December 4, when prices suddenly rose. The XRP price has risen back above the $0.74 support as the market is trending higher again. The long candle tail indicates that the $0.57 support is a strong buying pressure. Ripple will regain its bullish momentum as buyers break above the high at $1.10. The market will rise to regain the previous high at $1.20. On the other hand, if the bulls are rejected at the recent high, XRP/USD will fall and continue a downward correction between $0.75 and $1.00.

Ripple indicator analysis

Ripple is at level 26 of the Relative Strength Index for period 14, and the altcoin has entered the oversold market. Buyers are emerging in the oversold region, pushing prices higher. This means that the selling pressure is likely to stop. XRP/USD is above the 50% area of the daily stochastic. The market has resumed its bullish momentum. Meanwhile, Ripple is in the downtrend zone as the price bars are below the moving averages.


Technical indicators:  

Major Resistance Levels - $1.95 and $2.0

Major Support Levels - $0.80 and $0.60

What is the next move for Ripple?

Ripple's downtrend has reached its bearish exhaustion as buyers push XRP higher. Meanwhile, on November 30, the downtrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that the XRP price will fall to the 2.0 Fibonacci extension level, or $0.76.


Disclaimer. This analysis and forecast are the personal opinions of the author and 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.

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