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 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.
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.
Major Resistance Levels – $0.65 and $0.75
Major Support Levels – $0.45 and $0.35
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.
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