Ripple is Confined Between $1.00 and $1.30, Uptrend Likely

Aug 24, 2021 at 11:00 // News
Coin Idol
Ripple will resume a downward correction before resuming the uptrend on the upside

Today, the price of Ripple (XRP) retested resistance at $1.30, while altcoin fell back to a low of $1.20. Buyers retested the high at $1.30 to resume the uptrend. If the buyers are successful above the current resistance, XRP will rise to $1.80.

However, the uptrend will face resistance at $1.60. Ripple will resume a downward correction before resuming the uptrend to the upside. In the meantime, buyers are still struggling to break out above the overriding resistance at $1.34. If buyers fail to break out above this resistance, XRP/USD will fall to $1.07. At the time of writing, the altcoin is trading at $1.24.

Ripple indicator analysis

Ripple's upside is doubtful as the altcoin is trading at the 68 level of the Relative Strength Index for period 14. The cryptocurrency is still trading in the overbought region of the market. This will attract sellers who will show up in the overbought region. The price of the cryptocurrency is well above the 21-day line SMA and the 50-day line SMA, which indicates further upward movement.

download (22).png

Technical indicators:

Major Resistance Levels - $1.95 and $2.0

Major Support Levels - $0.80 and $0.60

What is the next move for Ripple?

Buyers need to break through another resistance to continue the upward movement. In the meantime, the uptrend from August 15 has seen a retracement candlestick testing the 61.8% Fibonacci retracement level. The retracement suggests that XRP will rise to the 1,618 Fibonacci Extension level or the $1.73 level.

download (23).png

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.

Show comments(0 comments)