Ripple Hovers above $0.50 Support Level, Lacks Buyers a Higher Price Levels

Ripple Hovers above $0.50 Support Level, Lacks Buyers a Higher Price Levels

February 18, 2021

Since February 17, buyers have not been able to push above the $0.55 price level. The bulls and bears have been in price tussles for the past week.

Ripple (XRP) Price Long-Term Forecast: Bullish

At $0.55, sellers pushed the Ripple price to $0.52 low and at other times the market will move up to $0.54. There is a likely tendency for price to rise as it is in the bullish trend zone. Now, XRP is trading at $0.53 at the time of writing. If price rebounds, the $0.55 resistance will be broken. The bullish momentum will retest or break the $0.65 overhead resistance. 

Ripple can rise to $0.78 if the overhead resistance is cleared. Conversely, if price fails to rebound the altcoin will be compelled to a range-bound movement between $0.50 and the $0.65 high. However, the selling pressure will resume if the bears break below the $0.48 support.

Technical indicators:  

Major Resistance Levels – $0.65 and $0.75

Major Support Levels – $0.45 and $0.35

Ripple (XRP) Indicator Analysis

Ripple is still at level 44 of the Relative Strength Index period 14. The price is below the centerline 50 and tends to fall. In the same vein, XRP is below the 60% range of the daily stochastic. It indicates that the market is still in a bearish momentum.

What Is the Next Move for Ripple (XRP)?

XRP has been in a downward correction since February 13. On the upside, if the price rebounds and breaks the $0.65 overhead resistance, the Fibonacci analysis will hold. On February 13 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that Ripple will rise to level 1.618 Fibonacci extension or $0.74 high. 

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