Feb 04, 2020 at 12:04 // News

Bulls finally broke the knotty resistance at $0.24

Interestingly, the bulls finally broke the knotty resistance at $0.24 and advanced upward. Unfortunately, the upward move was not all-encompassing as the coin retraced back to the support at $0.24. Some analysts were of the view that if the $0.24 resistance was broken, the coin would rally above $0.25. More so, the subsequent move will extend to $0.30.

On February 2, Ripple rallied above $0.26 but retraced back to $0.24500. Hopefully, if the current support is holding, the upward move will resume. A retest at the $0.26 resistance is possible. XRP is now attempting to rise again. Expectantly, if the bulls can push the price above $0.26, XRP will reach a high of $0.28 or $0.31.

Ripple (XRP) Indicator Analysis

With the market going up, the indicator is also rising. Ripple is above 60% of the daily stochastic. The coin is also approaching the overbought region of the market. At the moment, the coin is in a bullish momentum as it approaches the overbought region.

XRP-CoinIdol_(1).png

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15  

What Is the Next Move for Ripple (XRP)?

Ripple has resumed its upward movement after successfully breaking the $0.24 resistance. Currently, it is facing the resistance at $0.26 as the price fell to the low of $0.24500. Nonetheless, the bulls made a second retest at $0.26 and were repelled. The coin is falling and it is likely to rebound at the low of $0.24 or $0.24500.

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 funds.

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