Ripple Faces Stiff Resistance, A Retest above $0.28 Likely
Feb 08, 2020 at 12:15 //
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Excitedly, the bulls rallied above $0.28 but pulled back after resistance. The bears pulled back to the low of $0.27 and resumed the uptrend. A repeat of the previous momentum is possible. Probably, if the bulls can pick up momentum and push the price above $0.28, XRP will rally above $0.30.
The resistance at $0.30 is an important key level that has not been broken since July 2019. Ripple will be out of the downtrend zone if the bulls are successful above the $0.30 resistance. Conversely, if the bulls fail to break above the resistance, the market will resume a sideways trend. The coin will be fluctuating above $0.27 but below the current resistance.
Ripple (XRP) Indicator Analysis
It can be seen that Ripple is above 80% of the daily stochastic. Invariably, XRP is in the overbought region of the market. When the coin reaches the overbought region, the upward move will be suspended. Buyers will not be available to push Ripple upward. Relatively, sellers will be on hand to push Ripple downward.
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 bottom line is that Ripple is in the overbought region of the market. Ripple is falling and will fall until it is out of the region. At the moment, Ripple has gone down to the low of $0.27 and if that level holds, it will mean the selling pressure is over. Traders should look out to buy set up and to initiate long trades.
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