Ripple bulls have cleared the resistance at $0.60, $0.65, and $0.78 as it rallied to a $1.10 high.
XRP/USD has made a major breakthrough as the altcoin surpassed the historical price levels of 2019 and 2020. The altcoin is eyeing the $3.30 historical price level of 2018. The bulls are to defend the current price levels and sustain the bullish momentum.
This recent rally has caught the bears unaware as price reached an unimaginable high. This rally has also pushed price indicators to the overbought region of the market. The RSI and the daily stochastic are above 80 which suggests the bulls are in control. The market is declining as price reaches the overbought region. Meanwhile, XRP is trading in a bull market at $0.99 at the time of writing.
Ripple price rebounded above $0.60 support as the altcoin rallied on the upside. XRP is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. Sellers are emerging in the overbought region of the market. Ripple has fallen to level 74 of the Relative Strength Index period 14.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
Ripple is retracing as price reached the overbought region of the market. Meanwhile, on April 5 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. This retracement indicates that XRP will rise to level 1.1129 Fibonacci extension. From the price action, the market has reversed from the Fibonacci level.
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