Ripple Stuck Between $0.23 and $0.26, Can Bulls Break the Deadlock?

Nov 12, 2020 at 14:41 // News
Coin Idol
Analysts believe that Ripple's resistance level will become weakened after several retests

Since September 3, Ripple bulls have rested the $0.26 overhead resistance for more than five times. After each retest, the price will fall into the range-bound zone.

At other times, the overhead resistance would be breached but the selling pressure would push price back to the range-bound zone between $0.23 and $0.26. Analysts believe that a resistance level will become weakened after several retests. On November 10, the bulls broke the $0.26 resistance as the price reached a high of $0.264.

Subsequently, the upward move was repelled. Nonetheless, if the bulls eventually breach the overhead resistance, the coin will receive price acceleration. The crypto is likely to reach a high of $0.30. On the upside, buyers have been able to sustain the price above the SMAs since November 6. On the other hand, they are yet to break the overhead resistance as the sideways move continues. 

Ripple indicator analysis

Ripple is in the bullish trend zone for the past week as bulls continued to retest the overhead resistance. The price bars are above the SMAs which indicate the upward movement of the coin. XRP will resume trending if the range-bound levels are breached.

XRP - Coinidol.png

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What is the next move for Ripple?

The overhead resistance has continued to face retesting by buyers. On November 7 uptrend; two retraced candle bodies tested the 61.8% Fibonacci retracement level. It indicates that XRP will rise to level 1.618 Fibonacci extensions. That is the high of $0.293.

XRP - Coinidol 2 chart.png

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 funds.

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