The price of Ripple (XRP) has been moving in the bullish trend zone for five days. In the last price action, the bulls failed to break the resistance at $0.90. Consequently, XRP continued its downward trend.
Despite the retracement, the bulls held the price level above the moving averages and the downtrend line. This is a clear indication that there is a tendency for further upward movement.
Today, XRP/USD is trading at $0.82 at the time of writing. In recent days, the altcoin has been consolidating below the $0.90 resistance. It is said that a long consolidation phase below a resistance zone increases the chances of a breakout. If XRP rises above the support at $0.82, the resistance at $0.90 will be overcome. XRP will regain the previous high, but could face resistance at $1.00. The market will continue to rise to the previous highs. On the other hand, if the price falls below the moving averages, the downtrend will resume.
Ripple has fallen to the 60 level of the Relative Strength Index for the 14 period. The altcoin is still in the bullish trend zone. The price of the cryptocurrency is above the moving averages, which indicates a possible upward movement of the cryptocurrency. It also suggests that the bears are continuing the recent rallies. XRP is above the 50% area of the daily stochastic. The market has resumed its bullish momentum.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
On the 4-hour chart, XRP/USD is in an uptrend. However, the cryptocurrency is facing resistance at the high of $0.90. Meanwhile, the uptrend from February 8 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that XRP will rise to the 2.0 level of the Fibonacci extension or $1.25. Based on the price action, the Fibonacci tool analysis will hold if the bulls overcome the resistance at $0.90.
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