Ripple Bounces, Can Bulls Overcome the Resistance at $0.31?

Ripple continues its positive moves according to market sentiment. In the previous analysis, it was indicated that Ripple would rally above $0.30, once the $0.24 resistance was broken. Expectantly, it was broken and the price rose to $0.26 but a downward correction was made to the low of $0.24500. Frankly, at the low of $0.24500, Ripple rebounded and the price has risen to $0.28 at the time of writing.

The market is expected to rally above $0.31 if the current momentum is sustained. Ripple is trading at $0.28 and it is approaching the high of $0.30. In retrospect, the bulls tested the $0.31 resistance and were repelled in November 2019. However, the coin dropped to a low of $0.18. This current upward move may face resistance at $0.31.     

Ripple (XRP) Indicator Analysis

Ripple is now trading above level 76 of the daily RSI period 14. Ripple is in the overbought region of the market because it is above level 70. This implies that the coin’s upward move will be hindered because of the non-availability of buyers in the overbought region. Meanwhile, the presence of sellers in the overbought region will push the coin downward.

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)?

Ripple is also making an impressive move as the coin reaches a high of $0.28. However, the current price level may drop as the coin is in the overbought region. Nevertheless, if the bulls can sustain the current momentum, the price will rise to $0.31 price level. It is unlikely for the bulls to breach the resistance at $0.31. The resistance at $0.31 is yet to be broken since July 2019.

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.