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Ripple’s bulls recovered from a previous bearish trend when the coin rebounded on Nov 19 to break out of the $ 0.305 resistance. In other words, the bulls are buying the low to push XRP above the high of $ 0.305.
In the first uptrend, XRP was pushed back twice at the $ 0.305 resistance while Ripple plunged to the low of $ 0.28. After a downward correction, Ripple is back on its positive moves. Buyers broke the resistance at $ 0.305 and the price momentum also broke the resistance at $ 0.32. The altcoin was up to a high of $ 0.344 at the time of writing.
Sellers are defending the recent high as buyers pushed the coin to $ 0.344. On the upside, if the buyers break out of the overhead resistance at $ 0.344, XRP will rise above $ 0.40. On the other hand, the coin will be forced into a sideways move if buyers fail to break out of the current resistance. This means that XRP will fall and become a range bound between $ 0.32 and $ 0.34.
Ripple indicator analysis
The ripple is greater than 80% of the daily stochastic range. Similarly, XRP is at the 80 level of the relative strength 14 period. Indicators appear to point to the overbought condition of the market. However, in a strong trending market, overbought conditions may not hold up. In other words, Ripple will rise. On the other hand, if overbought conditions hold, sellers will emerge.
Key resistance zones: $ 0.35, $ 0.40, $ 0.45
Key Support Zones: $ 0.25, $ 0.20, $ 0.15
What’s the next move for Ripple?
The price action has aligned with the expected price level. The uptrend of November 17th, XRP was resisted. The retracement candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the coin will rise and reach the 1.618 Fibonacci Extensions level or the high of $ 0.3375. Today, Ripple is trading at $ 0.3365 at the time of writing.
Disclaimer. This analysis and prediction are the author’s personal opinions which are not a recommendation to buy or sell cryptocurrency and should not be seen as an endorsement by CoinIdol. Readers should do their own research before investing the funds.
