Ripple Plummets, Lacks Buyers at Critical Support
Jan 25, 2020 at 13:40 //
News
Unexpectedly, XRP dropped from $0.23 to $0.21 shortly after the bulls failed to defend the critical support. In the previous week, XRP has been ranging over $0.23 because of the inability of bulls to sustain above $0.25. Now the coin has fallen to $0.21again because of a lack of buyers at the critical support. It is doubtful if the current fall has ended. The market is still on a downward move.
The fall may certainly get to the low of $0.20 because the bears have broken below the exponential moving average. We hope that the price will hold at the $0.20 support. If it does, the bulls will try to push the price over the EMAs because the market will continue its fall, once the price is beneath the EMAs. Nonetheless, if the $0.20 support cracks, XRP will fall to the low of $0.18.
Ripple (XRP) Indicator Analysis
From the EMAs, Ripple may continue with its recent fall because the price has reached the downtrend zone. XRP is also trading below a 40% range of the daily stochastic signifying that Ripple is in bearish momentum.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What Is the Next Direction for Ripple (XRP)?
XRP may resume a range-bound move above $0.20 if selling pressure is exhausted. Ripple has been in an upward move since on January 6, but it is back to its previous low. The consequence is that all the bullish gains will be erased as the coin falls. Meanwhile, traders are to adjust their stop loss to $0.19 and other parameters if the market falls to the low of $0.20.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow