Ripple Breaks above $0.55 High as Sellers Threaten to Short

Ripple has been in a downward move since February 13, after its rejection twice from the $0.65 overhead resistance. After finding support above $0.50, the market moved up to $0.57 high.

Today, the upward move is facing resistance as the price drops to $0.56. The current resistance is sellers' attempt to break the $0.50 support level. If sellers have their way and break the $0.50 support, the market will fall to $0.38 low. Conversely, if the uptrend continues and the buyers push the price above the $0.65 overhead resistance; XRP will rally to $0.78 high. The bottom line is that where the two levels fail to break, the cryptocurrency will be range-bound between $0.50 and $0.65 price levels. XRP/USD is trading at $0.57 at the time of writing.

Ripple indicator analysis

Ripple is making an upward move as it is above 60% range of the daily stochastic. The price has bullish momentum. XRP is at level 62 of the Relative Strength Index period 14. It is above the centerline 50 and tends to rise. The support line of the ascending channel shows the support levels of price. A break below the line will mean a downward movement of prices.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.45 and $0.35

What is the next move for Ripple?

Buyers appear to have the upper hand as the market moves up. The Fibonacci tool analysis is likely to hold as it has indicated an upward movement of XRP. On February 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement implies that Ripple will rise to level 1.618 Fibonacci extension or $0.82 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.