Ripple Rebounds as It Battles the Resistance at $0.38

Ripple (XRP) has been moving positively after rising above the 21-day line SMA. At the same time, the bulls broke through the resistance at $0.35. In the last price action, Ripple was in a downward correction as the price fluctuated between $0.28 and $0.35.

However, if the bears had broken below the $0.28 support, the downtrend would have resumed. However, the bulls broke through the $0.35 resistance as the altcoin rose to $0.38. The current uptrend is encountering resistance at the $0.38 high. Ripple has reached an overbought area of the market. The uptrend will continue once the resistance is overcome. 

Ripple indicator analysis

Ripple has risen to the level of 50 on the Relative Strength Index for the period 14. This indicates that there is a balance between supply and demand. The XRP price has broken through the 21-day line SMA, which is the resistance line for the price bars. Incidentally, the XRP price bars are located between the moving averages, which indicates a possible movement of the cryptocurrency in a certain range. XRP is above the 80% range of the daily stochastic. The upward movement of the cryptocurrency will be interrupted when the market reaches the overbought area.

Technical indicators:  

Major Resistance Levels – $0.80 and $1.00

Major Support Levels – $0.40 and $0.20

What is the next move for Ripple?

Ripple has regained bullish momentum after breaking above $0.35 resistance. XRP will continue to rise after breaking the initial resistance at $0.35. If the bulls fail to break the initial resistance, XRP will be forced into a trading range between $0.28 and $0.38.

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