The price of Ripple (XRP) is in a minor retracement after the bulls broke through resistance at $1.25. XRP has reached the high of $1.30 and has retraced. The uptrend will continue if XRP retraces and finds support above the $1.25 low.
Buyers now intend to retake the previous high of $1.41. For example, the uptrend from November 4, a retraced candlestick, has tested the 61.8% Fibonacci retracement level. The retracement suggests that XRP will rise to the Fibonacci extension level of 1.618, or $1.42. The Fibonacci extension is a continuation zone. In other words, Ripple will rise to the upside. However, in the previous price action, Ripple fell sharply after reaching the high of $1.41.
Ripple is at level 64 of the Relative Strength Index for period 14. The market is in an uptrend and the altcoin will try to rise. Currently, the cryptocurrency is above the 80% range of the daily stochastic. The altcoin could retrace in the overbought zone of the market. Moreover, it is likely that sellers will emerge in the overbought region.
Key resistance levels - $1.95 and $2.0
Key support levels - $0.80 and $0.60
On the 4-hour chart, XRP has resumed its uptrend after the price crossed the $1.25 high. The new uptrend is encountering resistance at the high of $1.30. Meanwhile, the uptrend from November 8 has a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that the XRP price will rise but reverse at the Fibonacci extension of 1.272 or $1.32.
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