Ripple has resumed an upward move after finding support above $0.52. The altcoin has risen to the $0.70 resistance zone and it is facing another rejection.
In the first uptrend, the coin rally above $0.75 but later pulled back. Buyers made concerted efforts to push XRP above $0.75 but to no avail. The inability of buyers to break the $0.75 resistance, led to the first breakdown.
Today, XRP is moving up to retest the resistance level. The major obstacle is that it is facing a minor resistance at $0.66. A break above $0.66 resistance will propel the price to rally above $0.70. The momentum will extend to retest the $0.75 overhead resistance. Conversely, if the bulls fail to push above $0.66, there is a tendency for the coin to fall. A break below $0.52 will cause the coin to slump to $0.47 low. Ripple is trading at $0.67 at the time of writing.
After the breakdown, the price has continued to retest the trend line without breaking it. A break below the trend line will mean a downward movement of the coin. Perhaps, there will be a change in the trend. XRP is at level 72 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone
After the breakdown, the altcoin has resumed a fresh uptrend. The Fibonacci tool has indicated a possible rise of the coin. On November 24 uptrend, a retraced candle body tested 61.8% Fibonacci retracement level. This retracement indicates that Ripple will rise and reach level 1.618 Fibonacci extension. That is the market will reach a high of $1.0954.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.