Ripple prices jumped 32.5% yesterday. The leap that eventually led to the digital currency reaching its highest level in 17 months. Meanwhile, the price of Ripple is still 90% lower than its historical peak.
To Report Cryptoputito, Ripple’s powerful 32.5% jump, surprised many analysts. Ripple currently trades in the $ 0.42 range. Ripple price reached a peak of $ 0.44 during its recent jump.
Signs of Ripple’s readiness to climb have been evident since the beginning of this month, but no one expected the digital currency to jump any time soon. Ripple prices broke their symmetrical triangle pattern earlier this month and have been on the rise ever since. Ripple managed to jump $ 0.3 in the previous days, but this jump was accompanied by correction. Finally, after Ripple’s success in breaking the $ 0.33 resistance, we saw its price rise again yesterday.
If buyers continue this tremendous uptrend, $ 0.42 and $ 0.44 will be the closest resistance. Following these resistances is the $ 0.457 (Fibonacci retracement of 0.786). 0.48, .0486 (Fibonacci 1.272) and $ 0.5 are other resistances that Ripple must cross to continue the uptrend.
On the other hand, if we see a fall in the price of Ripple, the first support is in the area of $ 0.4. Below that are the areas of 0.388 (Fibonacci 0.236), 0.378, 0.36 (Fibonacci 0.382) and $ 0.35 (2020 peak).
As expected, the relative strength index (RSI) and the stochastic relative strength index (SRSI) are also in the buy saturation range due to the strong one-day rise in the Ripple price.
The price of Ripple against Bitcoin also crossed the resistance of 2.335 Satoshi (Fibonacci 0.618 and the peak of October) today. Since then, we have seen a slight decline to 2,185 Satoshi (Fibonacci 0.5 and the 200-day moving average (EMA 200)). The fact that the price of Ripple against Bitcoin has been fluctuating sharply over the past three months is a positive sign for buyers.
Looking at the chart above, it can be said that if buyers manage to raise the price above the 200-day moving average, the first resistance will be 2335 Satoshi (Fibonacci 0.618). After that, we will have 2450, 2545 (Fibonacci 0.786) and 2620 Satoshi resistors, respectively.
On the other hand, support will be close to 2100 Satoshi. After that, 2035 (Fibonacci 0.382 and 100-day moving average) and 1943 Satoshi will be important support for Ripple.