Ripple Ranges after Rejection at the $0.25 Price Level
Jan 23, 2020 at 13:31 //
News
Surprisingly, XRP appears to be ranging above the $0.23 price level for the past five days. This is a sequel to its failure to break above the $0.25 on January 19.
Ripple is now trading and it is confined between $0.22500 and $0.24. Possibly, in the nearest future, Ripple can break above or below these price levels. The bottom line is that if the bulls fail to break above the $0.24 resistance level, then the bears may want to sink XRP below $0.22500.
Now if the bulls can go on to sustain the price above $0.24, a move above $0.25 is possible. The coin will be in a better position, and a breakout at that point will catapult Ripple above $0.31 price level. However, if the bulls fail to follow this pattern, then the bears will seize an advantage to sink the price beneath $0.22500. The coin may drop to the low of either $0.20 or $0.21.
Ripple Indicator Analysis
The EMAs provides support for the coin as the price bars fluctuate above the 12-day EMA. Ripple is trading at level 59 of the RSI period 14. That is, it is above the centerline 50 which implies that XRP may rise.
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 is ranging above $0.23. Expectantly, the range-bound movement is likely to result in a breakout or breakdown. As XRP is trading in the bullish trend zone, we may probably expect a breakout at the end of the day. We expect the market to reach a high of $0.25 and subsequently rally above $0.31.
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