Ripple’s final push to a new uptrend is here as the bull battles the resistance at $0.34.Earlier on the bull has overcome the resistance levels of $0.28 and $0.31 to reach the next one at $0.34. For the first time in six months, XRP has successfully penetrated the $0.31 resistance. Nonetheless, in the last 24 hours, the market has reached a high of $0.34.
It is anticipated that if buyers break the resistance at $0.34, Ripple will rise to the high of $0.40. The bulls may not have bottlenecks as the price rises to a high of $0.40. In the meantime, XRP is falling, and if the downtrend continues below $0.31, XRP may drop to $0.27.
XRP has reached level 80 of the RSI period 14. The implication is that Ripple's upward move is doubtful because XRP is overbought. In the region, buyers are not available to push XRP upward. Instead, we have the presence of sellers who push XRP downward. The price action has confirmed the downtrend of Ripple. However, it is not clear, the extent of price fall before the resumption of uptrend.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple‘s upward move is promising as it has only one hurdle at the $0.34 resistance to jump over. A new uptrend will be in place if buyers are successful over the resistance. However, XRP is falling concerning the indicator’s revelation. The upward movement will resume if the coin retraces and finds support at the $0.32 price level. Ripple downward move that breaks below $0.31will result in selling pressure.
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 funds.