Ripple Bulls and Bears Struggle for Price Possession Above $0.54. Can Bulls Sustain an Upturn?

Feb 16, 2021 at 14:11 // News
Coin Idol
XRP may resume an uptrend

Today, February 16, 2021, the market has dropped to $0.55 low because of the bulls’ inability to break the minor resistance. The price is consolidating above the $0.55 support and if it holds, XRP will resume an uptrend.

Ripple (XRP) Price Long-Term Forecast: Bullish

Ripple bulls have been testing the $0.58 resistance since February 15. Now the downtrend will continue if the support breaks. This has been the price action since February 13 when XRP faced rejection at the $0.65 overhead resistance. 

Ripple price has been making a series of lower highs and lower lows. This has caused the coin to decline from $0.65 high to $0.55 low. Nevertheless, the price has been fluctuating between $0.54 and $0.55 over the last 48 hours. On the upside, if price rebounds above the current support, the bullish momentum will break the overhead resistance at $0.65. This will push the cryptocurrency to $0.78 high. Conversely, if the current support breaks, the market will reach a low of $0.50.

Ripple (XRP) Indicator Analysis

The price is approaching the resistance line of the ascending channel. The uptrend will resume if price breaks and closes above the resistance line. Ripple is above 60% range of the daily stochastic. This indicates that the price has bullish momentum.

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Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.45 and $0.35

What Is the Next Move for Ripple (XRP)?

For the past 48 hours, the bulls and the bears are struggling for price possession between $0.54 and $0.55. If the current support holds, the Fibonacci tool analysis will hold. On February 14 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that Ripple will rise to level 1.272 Fibonacci extension or $0.72 high. There are indications that the market will reverse from level 1.272 Fibonacci extension to 78.6% retracement level.

XRP - Coinidol 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 

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