In the last 48 hours, buyers pushed XRP out of the range-bound zone twice as price reached the high of $0.47. However, the bears resisted the price movement as the altcoin fell back to the range-bound zone.
Since February 26, the range-bound movement has been ongoing between $0.40 and $0.45 price levels. The bulls have not been able to push on the upside because of intense selling pressure. The present range-bound movement was caused by the bulls’ inability to break above the $0.50 high. The bears push the price to the range-bound zone. Today, the bulls are making another attempt to breach the minor resistance at $0.45. A breakout will pull XRP out of downward correction. However, the major task is to break the resistance at $0.50. If the bulls are successful above $0.50 resistance, the market will rise and resume an upward move. Otherwise, Ripple will continue to trade below the $0.45 resistance.
The market is above the 60% range of the daily stochastic. It indicates that XRP is in a bullish momentum. Similarly, Ripple is at level 47 of the Relative Strength Index period 14. It is below the centerline 50 and still in the downtrend zone.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
The price movement is not certain. There will be a certainty if the bulls break the $0.45 minor resistance and resume an upward move. On the other hand, failure by the bulls will mean a downward movement. According to the February 16 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the market will fall to 2.0 Fibonacci extension or $0.31 low.
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.