Ripple Fluctuates Below $0.70 Resistance, Unable to Push to the Upside

Dec 03, 2020 at 12:19 // News
Coin Idol
Ripple buyers have an uphill task of breaking the resistance

Following the rejection at the $0.75 overhead resistance, Ripple plunged to $0.459 low and then resumed consolidation between $0.48 and $0.66.

For the past week, buyers have been unable to retest the overhead resistance. This is because of the overwhelming selling pressure at the higher price level. Buyers have an uphill task of breaking the resistance at $0.66 and $0.75. 

Possibly, a break above this resistance level will propel the coin to reach a high of $0.78. If these resistance levels remain unbroken, the price movement will be restricted within the confined range. Alternatively, the bears will push the coin to the lower price range. A break below $0.50 will cause XRP to decline to $0.31. Meanwhile, XRP is trading at $0.63 at the time of writing.  

Ripple indicator analysis

From the daily chart, the price has broken the bullish trend line and closed below it. The implication is that the previous trend has been terminated. Ripple is now in a sideways move between $0.48 and $0.66. XRP is at level 66 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline50.

XRP - Coindol.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 crypto has a chance of further upward movement if the resistance levels of $0.66 and $0.75 are breached. From the daily chart, the XRP price level will rise above $1 once the upward move resumes or the resistance levels are breached.

XRP - Coindol 2 chart.png

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