Ripple bulls are still struggling to revisit the peak price of $0.75 it attained in February. On March 25, the XRP price broke above the $0.50 resistance as it approached the next resistance at $0.60.
Unfortunately, in February, buyers have broken the $0.60 resistance thrice but could not sustain above it. Each time the $0.60 resistance is breached, XRP will decline to $0.45 low.
Since February, XRP/USD has been confined to trade between $0.45 and $0.60 price levels. Today, XRP is trading at $0.55 at the time of writing. The altcoin will receive accelerated price movement on the upside if the overhead resistance is breached. Ripple can attain the highs of $0.65 and $0.78 price levels. However, if the bullish scenario fails, the market will recommence its range bound movement between $0.45 and $60.
XRP price is set to rise as it breaks above the 21-day and 50-day SMA. The altcoin has room to rally on the upside as the RSI is at level 61. The SMAs are sloping northward indicating the uptrend. The candlesticks are displaying long wicks near the resistance at $0.60. It indicates that there is strong selling pressure at a higher price level.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
The price indicator has signified a possible move above the $0.60 resistance. On March 22 uptrend; XRP was resisted at the $0.60 price level. The retraced candle body tested the 50% Fibonacci retracement level. This retracement indicates that Ripple will rise to level 2.0 Fibonacci extension or the high of $0.70.
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