Ripple Is in a Deadlock as Bulls Battle the Resistance at $1.25
The price of Ripple (XRP) has continued its sideways movement as the cryptocurrency falls to a low of $1.19. The uptrend is hindered by resistance at $1.25.
Today, XRP has fallen back to the low of $1.19 due to rejection at $1.25. On November 3, XRP/USD fell back to a low of $1.14 as the bulls bought the dips. However, if the bears had undercut support at $1.00, the altcoin would have fallen to a low of $0.85. Since October 9, Ripple’s uptrend has been at an impasse as the cryptocurrency has been trapped between the $1.00 and $1.20 levels. The uptrend will continue if the bulls break the resistance levels at $1.20 and $1.25. The market will rise and regain the previous high at $1.41.
Ripple indicator analysis
The 21-day line SMA and the 50-day line SMA are still inclined horizontally as the cryptocurrency price continues to move sideways. Ripple is at level 60 on the Relative Strength Index for period 14. The altcoin is trading in the bullish trend zone and above the centre line 50. XRP is capable of another upward move. The cryptocurrency is above the 50% area of the daily stochastic. The stochastic bands are sloping horizontally, indicating a sideways movement.
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 is in an uptrend. Currently, XRP is moving below the $1.25 resistance level and buyers have yet to break the recent high. Meanwhile, the uptrend from November 3 has shown a candle body testing the 61.8% Fibonacci retracement level. The retracement suggests that the XRP price will rise to the Fibonacci extension level of 1.618 or $1.32.
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