Today, Ripple bulls have broken the resistance at $0.26 after an impressive bullish run. Nonetheless, the bullish momentum must be maintained to avoid price sliding back into the range-bound zone.
The current price action was a bullish reaction after the coin plunged to a $0.227 low. The bulls have earlier bought the dips as price rallied to a $0.24 high. At the recent high, sellers pushed the price back to a $0.234 low.
On November 4, the price tussle continued but a rebound at the $0.234 low catapulted the coin to the $0.26 high. Buyers retested the resistance twice at $0.26 before pushing XRP above it. Buyers have the task of sustaining the current bullish momentum. On the upside, XRP is likely to reach a high of $0.30 if buyers sustain the current bullish momentum. Conversely, if buyers fail to continue to push on the upside, XRP will fall to the range-bound zone. This will mean another day of range-bound movement within the current price range. Today, Ripple is trading at $0.266 at the time of writing.
First and foremost, the resistance line of the ascending channel has been broken. When price breaks and closes above the resistance line, it means a further upward movement of the coin. Also, the price bars are now above the SMAs which suggest a further upward movement of the coin. The coin is in a strong bullish momentum as it is above the 75% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Unfailingly, XRP is likely to rise after breaking the resistance line of the ascending channel. On November 3 uptrend; the crypto was resisted at the $0.24 high. However, the retraced candle body tested the 38.2% Fibonacci retracement level. This retracement implies that the coin will rise to level 2.618 Fibonacci extension. The extension is equivalent to $0.2705 high.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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 funds.