Ripple Plunges into the Oversold Region, Likely to Move up
Feb 25, 2020 at 11:56 //
News
Ripple price drops to a low of $0.26 as a consequential effect of the coin reaching the overbought region. Before this time, the bulls have difficulty to penetrate the resistance at $0.28 for over a week. Sooner the price slumped to the low of $0.26, and Ripple rebounded to reach a high of $0.32.
The bullish momentum extended to a high of $0.34. The upward move was terminated as XRP reached the overbought region of the market.
Immediately, sellers emerged as the coin took a downward move. The downward move reaches the low of $0.28 but was well defended by the bulls as the price went up to retest the $0.30 resistance. The bull’s defense resulted in the final push of the bears. XRP has a price breakdown that breached the $0.28 support and later extended to the low of $0.26.
Ripple (XRP) Indicator Analysis
Ripple is falling and has reached level 35 of the RSI. This means that the coin is in the downtrend zone and it is likely to fall. It has also gone below the centerline 50. Ripple is approaching the oversold region below level 30.
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)?
As Ripple reaches the overbought region of the market, there is a tendency for price to reach the oversold region of the market. The pair may likely revisit the lows of $0.22 or $0.24 if the selling pressure continues. Traders should look out to buy setups as the market reaches the oversold region. Surprisingly, Ripple may rebound at a low of $0.26 as it did in the previous cases.
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