Ripple in Uptrend, Faces Rejection at $1.50 Resistance Zone
On April 23, XRP slumped to $0.87 low as bulls bought the dips. Ripple rallied to $1.17 high and resumed a range-bound movement between levels $1.00 and $1.15. XRP price was stable in the current price range for five days before the recent rally.
Today, XRP has reached a high of $1.46. The current uptrend is likely to face rejection at the $1.50 resistance zone. The daily stochastic has indicated that XRP price has reached the overbought region of the market. However, in a trending market, the overbought conditions may not hold. On the upside, if buyers can sustain the bullish momentum above the $1.50 support level, Ripple will be out of the bearish trend zone. XRP/USD will resume upside momentum above the $1.50 price level. Conversely, if the price turns down from the $1.50 resistance zone, XRP will fall to the previous price range-bound zone.
Ripple indicator analysis
XRP price has broken the resistance line of the descending channel and closed above it. This will signal the resumption of the uptrend. As price breaks above the moving averages, it implies that the altcoin is going to rise on the upside. XRP is at level 59 of the Relative Strength Index period 14. It indicates that XRP has room to rally on the upside.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.60 and $0.55
What is the next move for Ripple?
Ripple has resumed an upward move on the upside. The market is yet to attain the bullish trend zone. 0n April 27 uptrend; a retraced candle body tested the 88.6% Fibonacci retracement level. This retracement indicates that XRP will rise to level 1.1129 Fibonacci extensions or the high of $1.51. At this price level, the XRP price may reverse as it has reached the overbought region. Perhaps, it may continue the uptrend.
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.
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