Ripple Holds above Crucial $0.35 Support after Recent Price Spike

Feb 02, 2021 at 13:12 // News
Coin Idol
The bullish momentum resumes

Yesterday, Ripple plunged to $0.359 support. The current support is holding as bulls resume a fresh uptrend. Today, XRP is trading at $0.40 at the time of writing.

The market is expected to move up as the bullish momentum resumes. The coin is likely to face resistance at the $0.50 price level. If the bulls overcome the resistance at $0.50 high, XRP will rise and retest the previous high of $0.65. 

Today, the uptrend is anticipated to reach a high of $0.65 as it has a supporting level. Yesterday, XRP skyrocketed to the high of $0.757 but plunged back to the previous low. The bulls could not sustain the uptrend as it has no supporting level. The coin is making an upward move as it reaches a high of $0.40. Ripple will fall to the $0.35 support if the bulls fail to break the $0.50 resistance. The coin may decline to $0.245 low if the current support is breached.

Ripple indicator analysis 

The altcoin is at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. XRP will rise as the price is above the SMAs. Also, it indicates that the coin has enough room to rally on the upside.


Technical indicators:  

Major Resistance Levels – $0.45 and $0.50

Major Support Levels – $0.35 and $0.30 

What is the next move for Ripple?

Ripple is likely to resume a fresh uptrend after the price spike. 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 $0.678 high. Recently, the coin encountered a price spike which has faked out.


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.

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