Ripple Regains Upside Momentum, Can It Recover From Its Downtrend?


Jan 07, 2021 at 14:52 // News

Buyers can push Ripple above $0.45 high

Over the past 48 hours, Ripple has begun the resumption of an upward move. Traders have commenced buying at current levels.


The coin has risen from $0.21 to $0.34 for the past two days. This current uptrend will extend to a high of $0.36 before any correction. Nevertheless, if buyers can push XRP above $0.45 high, the crypto will be out of downward correction. 


However, if buyers fail to break into the bullish trend zone, the altcoin will be compelled to a range-bound movement. Ripple is now trading above $0.30 support. If the bulls sustain the bullish momentum above this level, it is a sign that XRP has recovered. On the other hand, if sellers break this level, the selling pressure will resume.


Ripple indicator analysis


Ripple is at level 50 of the Relative Strength Index period 14. This indicates that there is a balance between supply and demand. The coin is above 80% range of the daily stochastic. It indicates that the coin is in a strong bullish momentum. Ripple is likely to move up despite the minor retracement.


XRP_-_Coinidol_(2).png


Key Resistance Zones: $0.80, $0.85, $0.90



Key Support Zones: $0.20, $0.15, $0.10


What is the next move for Ripple?


Ripple has resumed upward move and there is a possibility of further upside momentum. On January 7 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement implies that Ripple will rise to level 1.618 Fibonacci extension. That is the high of $0.36. The price action has confirmed this level.


XRP_-_Coinidol_2_chart_(1).png


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

Comments (No)

Leave a Reply