The price of Ripple (XRP) is in an upward correction from the previous highs. In the last three days, the altcoin has held above the $0.32 support.
In previous price movements, XRP moved between $0.32 and $0.35. Yesterday, the altcoin corrected upwards and reached the high of $0.33, and today the upward movement is likely to continue. If XRP breaks above the $0.35 resistance, it will rally above the moving average lines. As a result, the upward momentum will rise to the previous highs. On the other hand, if sellers break below the $0.32 support, XRP will fall to the previous lows at $0.30.
Ripple is at level 41 of the Relative Strength Index for the period 14. The cryptocurrency is in the downtrend zone despite the upward correction. Ripple is set to decline as the price bars are below the moving average lines. The altcoin is above the 25% area of the daily stochastic. XRP is in a bullish momentum. The 21-day line SMA and the 50-day line SMA are sloping south, indicating a downtrend.
Key resistance zones: $0.40, $0.45, $0.50
Key support zones: $0.30, $0.25, $0.20
Ripple is in an uptrend after the recent drop to the low of $0.32. The bearish scenario will be invalidated if the current support holds and the altcoin resumes its upward momentum. The current uptrend is likely to face resistance at $0.35 or the 50-day line SMA. A break above these resistances will signal the resumption of the uptrend.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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