Ripple (XRP) is in an uptrend and reached a high of $0.43. Resistance at $0.40 has been broken, and XRP is moving back up.
The price of XRP is experiencing a series of higher highs and higher lows. At the high of $0.42, there is resistance to the current uptrend. Nevertheless, the market will rise to a high of $0.45 if buyers manage to break through the resistance level. If it is rejected at the current high, XRP will fall and find support above the breakout level of $0.40. However, if the bears break below the $0.40 support, the downtrend will resume. XRP/USD is currently trading at $0.4058 as we write this article.
For the 14 period, XRP is at level 57 on the Relative Strength Index. The cryptocurrency value is in an uptrend and can rise even further. If the price bars stay above the moving average lines, Ripple will continue to move up. Ripple is experiencing bearish momentum below the daily stochastic value of 50. If sellers break the $0.40 support, selling pressure will increase.
Key resistance levels - $0.80 and $1.00
Key support levels - $0.40 and $0.20
Although Ripple is in the uptrend zone, there is still a possibility that it will fall back to its previous lows. If XRP breaks the support at $0.40, the downtrend will resume. As a result, XRP will fall to a low of $0.36. The price of the cryptocurrency has continued to fall on the 4-hour chart, dropping below the moving average lines.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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