Ripple Regains Bullish Momentum, Faces Rejection Thrice at $1.10 High

Jun 01, 2021 at 11:00 // News
Coin Idol
The current uptrend is finding penetration difficult at the resistance

Ripple (XRP) has continued to make positive moves for the past three days. Today, XRP reached the high of $1.10 but buyers could not sustain the bullish momentum above the resistance level. This is not the first time the uptrend has been interrupted.

On May 25 and 26, the upward move was resisted as the crypto dropped to $0.80 support. The recent retracement compelled buyers to resume a fresh uptrend. 

The current uptrend is finding penetration difficult at the resistance. On the upside, if buyers are successful above the resistance, a rally to $1.30 is expected. Nevertheless, if the bullish momentum is sustained and the price is extended above $1.40, the XRP/USD will be out of downward correction. Besides, the upside momentum will resume. Presently, the XRP price is fluctuating between $1.02 and $1.10 at the time of writing.

Ripple indicator analysis

The altcoin is below the 80% range of the daily stochastic. It indicates that the market is likely to fall as sellers emerge in the oversold region of the market. The crypto is at level 40 of the Relative Strength Index period 14. It indicates that the market is in the downtrend zone and below the centerline 50. In the downtrend zone, the altcoin is capable of falling on the downside.


Technical indicators:  

Major Resistance Levels – $1.95 and $2.0

Major Support Levels – $0.60 and $0.55

What is the next move for Ripple?

Ripple has resumed upward move as price found support at $0.80. XRP is retracing as a result of the rejection. The uptrend will resume if the price falls and finds support above the moving averages. Meanwhile, on May 25 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 1.618 Fibonacci extension or level $1.30.


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.

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