Ripple Is in Jeopardy as Sellers Threaten to Short below $1.45 Support

May 04, 2021 at 15:03 // News
Coin Idol
The bulls have been struggling to break above the recent resistance level

For the past week, Ripple has been in an upward move as the altcoin rallied to a $1.60 high. Buyers are facing penetration difficulty at the $1.60 resistance.

The bulls have been struggling to break above the recent resistance level. A retest at the $2.0 resistance zone is possible if the current resistance is breached. Otherwise, XRP will fall and resume downward correction. The altcoin has fallen to the support at $1.45. The downtrend will resume if the XRP price falls and breaks below level $1.45. In previous price action, the XRP fell below this level and was range-bound between levels $1.00 and $1.45.  The XRP/USD has fallen to level $1.44 at the time of writing.

Ripple indicator analysis

On the daily chart, XRP has fallen to the 21-day SMA, if the support holds, the upward move will resume. Meanwhile, XRP is above the 80% range of the daily stochastic. The stochastic bands are sloping downward indicating a possible bearish momentum.

XRP- Coinidol.png

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 a high prospect of an upward move. The price indicator has confirmed a further upward movement of prices. Meanwhile, on April 14 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that Ripple is likely to rise to level 2.618 Fibonacci extension or the high of $4.18.

XRP- Coinidol 2 chart.png

Disclaimer. This analysis and forecast are the author’s personal opinions and 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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