Ripple Attempts To Break the $0.50 Overhead Resistance, Lacks Buying Power

The upward move is now facing rejection at the $0.48 price level. In today’s price action the candlestick is displaying a long wick. The long wick is indicating that XRP has strong selling pressure at a higher price level. 

The upward move is doubtful except there are sufficient buyers at higher price levels. Nonetheless, the altcoin upward move has been restricted between $0.43 and $0.50 since the February 23 breakdown. On the upside, if the bulls break the $0.50 overhead resistance, buyers are likely to come in to push prices upward. In other words, the next target price of $0.65 is achievable. Conversely, if the bears have the upper hand and break the $0.43 support, the altcoin will further decline to $0.35 low.

Ripple indicator analysis

The price is attempting to break the resistance line of the descending channel. A break above it will signal the resumption of the uptrend. Also, the price is partially above the SMAs which indicate a possible rise in price. The Relative Strength Index period 14 is at level 51. This indicates that there is a balance between supply and demand.

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?

Ripple upward move is doubtful. It depends upon breaking the resistance at $0.50. Meanwhile, On March 16 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple will rise to level 2.0 Fibonacci extension or the high of $0.618.  

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