Ripple Sustains Rallies, Eyes above $0.36 Resistance

Aug 06, 2020 at 10:00 // News
Coin Idol
Buyers pushed Ripple to $0.32

Despite the recent downtrend of Ripple, the crypto has almost recovered from the sudden downturn. On May 2, XRP had earlier plunged from the high of $0.325 to $0.24 low.

In a swift reaction, buyers moved price upwards to $0.32 high but sustained the upward move. Today, XRP is trading above $0.30 at the time of writing. In the last 48 hours, the market has been holding above $0.295 support. 

Buyers pushed XRP to $0.32 but failed to push above it. The recent resistance at $0.32 is the previous historical price level in February. The coin will rally above $0.35 if the buyers pushed above $0.32 and $0.325 resistance. However, XRP will continue its sideways move below the resistance if buyers fail to break the resistance. Alternatively, a downward move is likely if price breaks below $0.29 support.

Ripple indicator analysis

For the past four days, the price has been sustaining above the resistance line. Technically, when price breaks and closes above a trend line the upward move will continue. We expect XRP to rise. The crypto is still in a bullish momentum as it trades above 80% range of the daily stochastic. 

XRP-CoinIdol (3).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?

Ripple was resisted at $0.32 resistance in the August 3 uptrend. A red candle body tested the 0.50 Fibonacci retracement level. This means that Ripple will reach the high of level 2.0 extension level when the uptrend resumes. Possibly, it will reach a high of $0.36.

XRP-CoinIdol.(2 Chart)png.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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