Ripple Breaks Important Resistance, Trades above Target Price of $0.31

Feb 13, 2020 at 12:17 // News
Author
Coin Idol
Bulls have broken above the $0.2879 resistance after days of consolidation

Finally, the bulls have broken above the $0.2879 resistance after days of consolidation. The coin is approaching the high of $0.32321. This will be the first time the coin will be trading above $0.31 price level since July 2019. This is an impressive move as XRP will be forming a new uptrend. The bulls are testing the historical price level of $0.32321 in July.

In July the market was in consolidation at this period. The bears have their way as the market continues its downward move. At this point, XRP is in an uptrend. However, if the bulls break above $0.32321, the market will still move up to a high of $0.34. Nonetheless, there is a possibility of facing minor resistance.

Ripple (XRP) Indicator Analysis

As Ripple rises to new highs, it is now trading above the 90% range of the daily stochastic. XRP is already in the overbought region of the market. The stochastic bands reached above 90% but slopes horizontally above 75% range. This indicates that XRP will fall because sellers will take control of prices in the overbought region. As sellers are generated in the region, buyers will be absent to push XRP upward. Eventually, the coin may fall in the long run.

XRP-CoinIdol_(4).png

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Move for Ripple (XRP)?

Expectantly, XRP will start a new uptrend as the bulls jumped over the next major resistance. The current price may fall as the market is in the overbought condition.XRP may retrace and find support above $0.31. Traders should trail their stop-loss orders to $0.28 and look out for buy set up. The coin is expected to reach the target price of $0.34.

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 funds.


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