Ripple Bulls Break Through $0.41 Overhead Resistance and Continue Uptrend

Ripple (XRP) price has risen to a high of $0.55 as buyers have overcome resistance at $0.38 and $0.41.

Long-term forecast for the Ripple price: bullish

The overriding resistance at $0.41 was broken after initial resistance on September 20. Today, XRP is trading at $0.50 at the time of writing. Current support is the historical price level from May 10. The uptrend will continue if the current support holds. This means that the altcoin will rise to the high of $0.65. However, further upward movement of the altcoin is doubtful as Ripple is trading in the overbought region of the market. On the other hand, the market will fall into the range bound zone if the current support is broken.

Ripple indicator analysis

XRP is at level 75 of the Relative Strength Index for period 14, which means that the cryptocurrency has reached the overbought region of the market. In the overbought region of the market, sellers will appear and push the prices down. The price of the cryptocurrency is above the moving average lines that drive the altcoin up. The altcoin is above the 80% area of the daily stochastic. This confirms that the market has reached the overbought zone.

Technical Indicators

Key resistance zones: $0.40, $0.45, $0.50

Key support zones: $0.30, $0.25, $0.20

What is the next step for Ripple ?

Ripple has continued its uptrend after a price spike. The cryptocurrency has broken through overhead resistance, paving the way for upside momentum. Meanwhile, the uptrend from September 21 has a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that XRP will rise to the Fibonacci extension level of 1.618 or the high of $0.49. The price action shows that XRP reached the price target and retraced.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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 

Source: Read Full Article