The price of Ripple (XRP) is rising as buyers return above $0.95 support and retest the $1.08 high. About 48 hours ago, the XRP price rose to the $1.08 high, but failed to maintain upward momentum above the recent high.
The recent price action was made possible by the breakout above the $0.83 resistance. The cryptocurrency was previously in a downward correction for three days before finally breaking out. After the breakout, the XRP price retreated and retested the $0.83 support before eventually rising to the high of $1.08.
Buyers were unable to maintain the uptrend as the market reached the overbought zone. XRP fell back to the $0.95 support as buyers resumed a new uptrend. If buyers manage to push XRP above the $1.08 resistance, the cryptocurrency will rise to the $1.20 high. Conversely, if XRP/USD turns away from the recent high, it will fall and retake the previous low above $0.83. A break below the $0.83 support would signal the resumption of the downtrend.
Ripple is still in the overbought territory at the 74 level of the Relative Strength Index for the period 14, suggesting that XRP does not have enough room to move up. The cryptocurrency value is rising as it is above the 50% area of the daily stochastics. The altcoin has regained its bullish momentum. The cryptocurrency's price is above the moving averages, which indicate that Ripple is on the rise.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
XRP/USD is likely to continue a new uptrend as the altcoin finds support above the 21-day line SMA. XRP is rising to regain the previous high of $1.08. The cryptocurrency will continue to move higher if the price breaks through the current resistance. On the other hand, if buyers are pushed back, the market will move back below the recent 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.