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.
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
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.