Following its breakout on November 16, the bulls have consistently sustained the upside momentum for Ripple (XRP) coin, November 24, 2020.
Buyers have broken all the resistance levels as XRP attains a new peak price this year. The bulls have established their dominance over the bears. XRP rallied to $0.78 but it is trading at $0.70 at the time of writing.
In its upward move, there was a minor resistance at $0.50. After a day’s correction, the bulls broke the resistance and pushed on the upside. On the upside, if the bulls sustain the bullish momentum above $0.70, the crypto will breach the recent high at $0.78. Presently, XRP is trading above $0.70 at the time of writing.
Ripple is still in a strong bullish momentum. This is because the daily stochastic and the Relative Strength Index are pointing to the overbought condition of the coin. Ripple will continue to rise as long as the bullish trend line remains unbroken. When the price breaks and closes below the trend line, the current trend will be assumed terminated.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
The recent price action has overridden the Fibonacci tool analysis. On November 21 uptrend; XRP was resisted at $0.50 high. The retraced candle body tested the 78.6%% Fibonacci retracement level. The retracement indicates that the coin will rise and reverse at level 1.272 Fibonacci extensions or the high of $0.556. Nonetheless, XRP is on the upside momentum.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.