Ripple is falling after it retested the $0.58 resistance level. Incidentally, Ripple price rebounded above the $0.56 support and rallied above $0.58 high. The altcoin price pulled back and closed above $0.5785 at the time of writing.
However, after the pullback, the XRP price is fluctuating in a tight range between $0.57 and $0. 58. This tight range fluctuation is advantageous to the bulls because the market is consolidating near a resistance level.
Consolidation near a resistance level increases the chances of a breakout. A breakout at level $0.58 will propel price to reach the highs of $0.65 and $0.78. Conversely, if price turns down from the $0.58 resistance, the market will decline to a $0.54 low. Also, if the $0.54 low is breached, the market will decline to $0.48 low. XRP/USD is trading at $0.577 at the time of writing.
XRP price is above the 80% range of the daily stochastic. That is, the market has reached the overbought region. Ripple upward move is doubtful as sellers are likely to emerge in the overbought region. However, XRP will continue to rise as long as price is above the moving averages.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.35 and $0.30
Ripple price is likely to rise as a breakout is imminent in the interim. On March 26 uptrend; XRP retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that Ripple will rise to level 1.272 Fibonacci extension or the high of $0.61.
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.