Ripple Struggles below $1.70 Resistance, Lacks Buyers at Higher Price Levels

Following its recovery above the $1.00 support, Ripple has been in an upward move. Since May 1, XRP upward moves have been stalled below the $1.70 resistance zone. Buyers have not been able to sustain the bullish momentum above the recent high.

For the past week, Ripple is now in a range-bound movement below the $1.70 resistance level. If buyers push XRP above the resistance level, a retest at the $1.96 overhead resistance is likely. More so, if the bullish momentum is sustained above the overhead resistance, Ripple will attain a high of $2.50. However, if buyers fail to breach the $1.70 resistance level, the market will continue its range-bound movement below the recent high. XRP/USD is trading at $1.67 at the time of writing.

Ripple indicator analysis

The altcoin’s price is attempting to break above the 21-day SMA. Ripple will be in the bullish trend zone if the price breaks above the 21-day SMA. XRP will resume an upward move in the bullish trend zone. Ripple is above the 40% range of the daily stochastic. This indicates that XRP has bullish momentum.

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 a sideways trend. The upward move has been restricted below the resistance at $1.70. Meanwhile, on May 2 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 2.0 Fibonacci extension or the high of $2.54.  

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.