Ripple Recovers Above $0.30 Support, Will Buyers Sustain the Uptrend?

Aug 04, 2020 at 10:46 // News
Coin Idol
Ripple price recovered upward

Recently, the Ripple bulls rebounded and rallied to $0.325 high but could not continue the uptrend. XRP encountered a sharp decline at the recent high and price dropped to $0.241 low.

Immediately, the price recovered upward above $0.28 high. The following day buyers resumed pushing the price upward. Today, XRP has recovered, as the price is testing the $0.32 high. The upward move has been stalled at the $0.32 high in the last 24 hours. Buyers are still struggling to push XRP above the recent high. Price has fallen after two retests at the resistance. The market will rise based on the current indicators. Ripple is likely to rise to $0.335 high if the resistance is breached.

Ripple indicator analysis

The crypto will continue its upward move as price breaks above the resistance line of the ascending channel. XRP is trading above 80% range of the daily stochastic but the bands are sloping southward. This indicates a bearish momentum. However, the price action shows bullish signals.


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?

Today, price is fluctuating below the $0.32 resistance as buyers attempt to push XRP above the recent high. After a retest at the $0.32 high, a red candle body tested the 0.618 Fibonacci retracement level. It indicates that the market will reach a high of 1.618 Fibonacci extension level. Ripple will rise to $0.335 high as per the chart and in a couple of days to come.


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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