The price of Ripple (XRP) resumed a positive trend after crossing the moving average lines.
The rally increased from the previous low of $0.37 to a high of $0.49. At the time of writing, XRP is trading at $0.43. In the recent price action, XRP moved sideways and bounced above the $0.36 support. The current rally could continue as long as XRP stays above the $0.40 support. On the March 21 uptrend, a retracement candlestick tested the 50% Fibonacci retracement level. According to it, XRP will rise to $0.62, which corresponds to the level 2.0 of the Fibonacci extension. The price movement suggests that XRP will rise again if buyers can keep the price above the $0.50 resistance level. On the other hand, if sellers drop below the $0.40 support, the altcoin is in danger of falling.
On the Relative Strength Index, Ripple is at 60 for the period of 14, suggesting that the altcoin could continue to gain value. The price bars that are above the moving average lines are the cause of the price increase. The alternative currency is gaining momentum after exceeding the daily stochastic value of 30.
Key resistance levels - $0.80 and $1.00
Key support levels - $0.40 and $0.20
The cryptocurrency asset is now trading above the moving average lines. XRP is rising to retest the $0.50 resistance level. The previous trend was hindered at the $0.49 resistance. However, the current upswing could resume if the price breaks above the current barrier.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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