Ripple has broken above the previous price range of $0.40 and $0.45 as buyers continue to retest the $0.50 resistance level. Today, the price is retracing after failing to break above the $0.50 resistance.
Initially, XRP was confined between $0.40 and $0.45, while buyers continue to retest the $0.45 resistance. Today, Ripple is out of the range-bound zone as buyers shift their attention to the $0.50 high. Since March 1, the bulls have been making concerted efforts to break above the $0.50 resistance. On March 4, the bulls came close to breaking the $0.50 high as they were repelled at $0.49 high. The breaking of the resistance is necessary for the upward movement of price. For instance, if the bulls are successful above the $0.50 high, the market will rise to $0.65 high. Conversely, if buyers fail to push above the resistance, XRP will be range-bound between $0.45 and $0.50.
The price is above the 35% range of the daily stochastic. It indicates that XRP has resumed bullish momentum. The price is at level 54 of the Relative Strength Index period 14. It is above the centerline 50 and it is capable of rallying on the upside.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
XRP now fluctuates between $0.45 and $0.50. The bulls and bears have the chance of breaking the current price levels. If the bears break the current support at $0.45 the Fibonacci tool analysis will hold. That is the market will fall on the downside. On February 24 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 1.618 Fibonacci extension or the low of $0.185.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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