Ripple Rallies to $0.86 High but Faces Rejection at $0.90 Resistance Level
Ripple (XRP) has overcome the initial resistance at $0.80. The cryptocurrency is approaching the next resistance at $0.90. The bullish scenario says that the market will rise to the resistance at $1.01 if the price overcomes the high at $0.90.
However, the bears fiercely resist any resistance. Buyers are now pushing the altcoin as it approaches the high at $0.90. On March 12, XRP was rejected at the $0.90 resistance zone and fell to a low of $0.75, but the bulls bought the dips and set a new uptrend in motion. The second uptrend continues as it approaches the resistance level. If the bulls break the recent high to the upside, the bullish scenario should be achieved. However, if XRP deviates from the recent high, XRP/USD will start another round of rangebound movement.
Ripple indicator analysis
In the meantime, the cryptocurrency price bars are above the moving averages. This is responsible for the current upward movement. Ripple is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought area. This could lead to the market making a downward move again. The 21-day line and the 50-day moving averages line are sloping horizontally, indicating a sideways trend.
Major Resistance Levels – $1.95 and $2.0
Major Support Levels – $0.80 and $0.60
What is the next move for Ripple?
On the 4-hour chart, XRP/USD is in a gentle uptrend as the market reaches the high of $0.86. The upside move is doubtful as the altcoin reaches an overbought region of the market. However, if the altcoin falls back above the moving averages, the uptrend will resume. On the other hand, if the price breaks below the moving averages and the trend line, it is considered that the uptrend has ended.
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.
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