Ripple Bounces Amidst Bears’ Threat
Feb 01, 2020 at 14:17 //
News
In the last three days of January, Ripple has consistently surged forward to a higher price level but the coin seems to be unstable. The coin pushed upward to the $0.24 price level on the 29th and 30th of January but declined each time to the $0.23500 low. This is the buyers’ inability to sustain at a higher price level. Our position on Ripple is simple.
Ripple will surpass the price above $0.25 if the bulls break above $0.24, and the momentum is sustained. Nonetheless, the subsequent move will propel the coin to a high of $0.30. This is made possible because there will be no bottlenecks or resistance as the coin rides on the current trend. Let’s look at the other side of the coin. Failure on the part of the bulls to break above $0.24 will only enable XRP to struggle above $0.23. The temptation to further depreciate is not far fetched.
Ripple (XRP) Indicator Analysis
The pair is trading above level 60 of the daily RSI period 14. That is the coin is rising and it is in the uptrend zone. The coin upward move is not negotiable as long as the price bars are above the EMAs. The upward move has been ongoing since the beginning of 2020.
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)?
The pair is now trading above the $0.24 price level. At the moment, the coin is facing rejection at the $0.24500 price level. The bulls have been repelled on two occasions at the resistance. Today, XRP is taking another bold step to penetrate the initial resistance.
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