Ripple is facing rejection at the $0.40 resistance. Today, the coin has fallen to $0.39 low after failing to move up above the current resistance.
The coin is range bound between $0.20 and $0.40. For the past week, Ripple has been trading in the range-bound zone. All price movements on the upside have been repelled. For instance, on January 17 uptrend, the coin rallied to the $0.65 high but dropped to the range-bound zone.
Also, on February 1, the crypto sky rocked to the high of $0.75 but pulled back to the range-bound zone. XRP lacks buyers at higher price levels. Despite the fall, XRP can move up, if the price breaks the resistance level. A breakout will push Ripple to the highs of $0.50 and $0.60. XRP may resume sideways movement if the bulls fail to break the resistance level.
The crypto’s price is above the SMAs which suggest that the coin will rise to the previous highs. Nevertheless, XRP is at level 49 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand.
Major Resistance Levels – $0.50 and $0.45
Major Support Levels – $0.35 and $0.30
Ripple has fallen to the range-bound zone. The bulls may want to resume an upward move. On January 31 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ripple will rise to the level 1.618 Fibonacci extension or $0.658 high.
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.