Ripple Consolidates Above $1.02 Support amidst Bullish Expectation
The price of Ripple (XRP) is trending positively after breaking above resistance at $1.02. The XRP price was pushed back at the $1.08 high, but retraced to retest support at $1.02.
As a result, XRP/USD is likely to resume a new uptrend. However, if the price breaks above the 50-day line SMA, this should accelerate the price action. Buyers will push XRP to the high of $1.20.
After that, the bullish momentum will extend to the high of $1.40. Meanwhile, the altcoin is struggling below the $1.10 resistance. Over the past five days, buyers have yet to sustain bullish momentum above the recent high. A break above the $1.10 resistance would catapult the cryptocurrency asset into the bullish trend zone. However, if the bulls fail to break above the recent high, the market will rebound between $1.02 and $1.10.
Ripple indicator analysis
The XRP price has risen above the resistance line of the descending channel. It has also broken above the first moving average and has started to move up again. The recent breakout suggests that the market is going to rise.The XRP price is at level 53 of the Relative Strength Index of period 14, indicating that XRP is in the uptrend zone and above the midline 50. Ripple is in a bullish momentum as it is above the 40% area of the daily stochastic.
Major Resistance Levels - $1.95 and $2.0
Major Support Levels - $0.80 and $0.60
What is the next move for Ripple?
XRP/USD has started resuming its uptrend. XRP price has broken through resistance at $1.05 and is pushing forward. Meanwhile, the uptrend from September 29 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that the altcoin is likely to rise to the 2.0 Fibonacci Extension level or 1.1025.
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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