Ripple Breaks the $0.60 Resistance as Bulls Attempt To Jump Over the $0.65 Hurdle

Apr 03, 2021 at 10:33 // News
Coin Idol
The current bullish move will face some resistance

Ripple bulls have taken decisive steps as price breaks the price range between $0.54 and $0.58. Buyers have pushed the price to a high of $0.62. XRP has also commenced the resumption of upside momentum.

From every indication, the current bullish move will face some resistance at the high of $0.65. . Buyers will face an uphill task by pushing price to $0.65 high and subsequently breaking the resistance level. 

In previous price actions, several attempts have failed at the $0.65 resistance. For instance, the three attempts made in February were all repelled as price fell to the low of $0.40. Nevertheless, if buyers can push prices above $0.65, the market will rally above $0.78 high. However, this bullish view will be invalidated if price turns away from the recent high. XRP will be compelled to resume another range bound movement which will extend to the high of $0.65. Meanwhile, Ripple is now trading at $0.617 at the time of writing. 

Ripple indicator analysis

Ripple price rebounded above the trend line as price breaks above the $0.60 resistance. The price indicators have all shown the overbought condition of Ripple. For instance, XRP is above the 80% range of the daily stochastic. Also, Ripple is at level 74 of the Relative Strength Index period 14. This indicates that XRP has no enough room to rally on the upside. 

XRP - Coibnidol.png

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.35 and $0.30

What is the next move for Ripple?

XRP price has broken the $0.60 resistance which indicates that further upside is imminent. On March 26 uptrend; all the retraced candle bodies tested the 78.6% Fibonacci retracement level. This retracement indicates that XRP will rise to level 1.272 Fibonacci extension but may reverse. From the price action, the market has risen to that level.

XRP - Coibnidol 2 chart.png

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 

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