Ripple has been rising consistently after breaking above the $0.50 resistance level. The price is making a series of higher highs and higher lows. At each higher high, the price would fall to the previous low.
Today, XRP reached a higher high of $0.6430 and price is retracing from the recent high. On the upside, if the bulls succeed in pushing the price above $0.65, the market will resume an upward move.
The bulls will target to break the previous resistance at $0.75. Subsequently, the bullish momentum will continue above the $1 high. However, if the bulls fail to overcome the initial resistance at $0.65, XRP will fluctuate between $0.50 and $0.65. Meanwhile, the altcoin is trading at $0.63 at the time of writing.
On February 4, XRP has a bullish crossover as the 21-day SMA crosses over the 50-day SMA. It indicates a buy signal and that the cryptocurrency is in an upward movement. The price is above the 40% range of the daily stochastic. This indicates that the market has bullish momentum.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.45 and $0.35
Recently, Ripple has been making an impressive move. Further upside moves are expected from the altcoin. On February 1 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that Ripple will rise to level 2.618 Fibonacci extension or $1.52 high.
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.