Ripple Surges Ahead, Targets $0.30 High

Oct 06, 2020 at 14:22 // News
Coin Idol
XRP has retraced and found support above the $0.252

Recently, XRP rebounded above the $0.23 support as price rallied and retested the $0.26 high. The recent surge broke the $0.24 resistance but managed to break the $0.25 high.

The bullish momentum was eventually stopped at the $0.26 high. Today, XRP has retraced and found support above the $0.252. 

Buyers are not done with the current bullish move until XRP is above the $0.26 support. XRP will immediately rise above $0.30 high if the momentum extends above the $0.26 support. Nevertheless, XRP may decline to $0.24 support if the current momentum is not sustained above the $0.25 high. Ripple is retracing and has fallen to $0.256 at the time of writing.

Ripple (XRP) Indicator Analysis

The price has broken above the resistance line of the descending channel. This suggests that the upward move has begun and XRP will rise. However, if the price falls below the resistance line, it will invalidate the upward move. XRP is in a bullish move as the price is above the 70% range of the daily stochastic.

XRP - Coin idol.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 (XRP)?

Ripple has a chance of a further upward move if the price is sustained above $0.25. In the current uptrend today, XRP reached the $0.26 high but the retraced candle body tested the 78.6 % Fibonacci retracement level. This implies that the coin will reach a high of 1.272 Fibonacci extension level or a $0.267 high.

XRP - Coin idol 2 chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author and 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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