Ripple rebounded today as the price reached a high of $0.329. The price spike made a pullback, seconds after reaching the recent high.
The coin fell to the support above $0.305 and resumed fluctuation above it. The bulls are attempting to break the resistance at $0.305 high. The recent rally would have continued on the upside if the current resistance is broken. For the past week, XRP upward move has been hampered because of the resistance at $0.305. On the upside, if the bulls succeed in breaking the current resistance, XRP will rally to $0.36 high. However, XRP will be range-bound between $0.265 and $0.305, if buyers fail to push above this current resistance level.
The crypto’s price is retesting the resistance line of the descending channel to break above it. A break above the resistance line will mean a change in the trend. The coin will resume an upward move. Ripple is at level 48 of the Relative Strength Index period 14. The coin is in the downtrend zone and below the centerline 50 which makes it prone to fall.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
Ripple has prospects of resuming upside momentum once the resistance is breached. The Fibonacci tool analysis will remain the same as bulls continue to retest the $0.305 resistance. On January 7 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement suggests that Ripple will rise to level 1.618 Fibonacci extension. That is the high level of $0.487.
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