Ripple Holds above $0.29 as Buyers Continue to Push on the Upside

Aug 11, 2020 at 10:12 // News
Coin Idol
Ripple fell from a high of $0.325 to reach the $0.28 low

Yesterday, Ripple rebounded above $0.29 support as the price reached the $0.30 high. Since August 7, the price has been stable above $0.29 after the recent decline.

In the recent decline, XRP fell from a high of $0.325 to reach the $0.28 Low. For the past five days, the market has been fluctuating between $0.28 and $0.31. Today, XRP is rising as price approaches the $0.31 high. Since early August, the crypto has been battling with the minor resistance at $0.31 and $0.32. 

Possibly, if the price breaks the $0.31 and rebounds above it, the coin will rally above $0.32. Expectantly, the market will have an accelerated movement to the $0.34 overhead resistance. On the other hand, if buyers fail to break the minor resistance, XRP will be range-bound between $0.28 and $0.31. Meanwhile, the price is approaching the minor resistance to breaking above it.

Ripple indicator analysis

Recently, buyers broke the resistance line of the ascending channel as the market reached a high of $0.32. The rejection at the recent high compelled XRP to fall into the channel. A fresh uptrend will be in progress if price breaks and closes above the resistance line. The coin is in a bullish momentum and above 70% range of the daily stochastic; as the bands point upward.


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?

Ripple has resumed uptrend after the recent decline. However, buyers will have to break the minor resistances to move up. In its recent upward move on August 3, a red candle body tested the 0.618 retracement level. It shows that the market will rise and reach the 1.618 Fibonacci extension level. Therefore, the price will rally above $0.34 high.


Disclaimer. This analysis and forecast are the personal opinions of the author 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 funds.

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