Ripple Pushes Downward, Sellers Threaten to Short Further
Feb 20, 2020 at 13:58 //
News
In the last 24 hours, Ripple has been fluctuating above the $0.27 support level. In the first bearish impulse, XRP fell and found support at the low of $0.27. Soon after that, the price rebounded and reached a high of $.30. The price retested $0.30 resistance twice before it fell to the same support at $0.27.
Interestingly, if the current support holds, the bulls will push the price to a high of $0.31. At this point, the bears may want to put up some resistance to interrupt the upward move. Nonetheless, if the bulls are successful, XRP will rise to a high of $0.34. Conversely, if the bulls were unsuccessful at the $0.31, XRP may be compelled to a sideways move.
Ripple (XRP) Indicator Analysis
On February 13, Ripple reached its peak price of $0.34. Unfortunately, the Relative Strength Index indicated that XRP was overbought at level 80. However, the RSI period 14 has fallen to level 49 indicating that Ripple has reached the downtrend zone. This indicates that XRP is below the centerline 50 and it is likely to fall. Nonetheless, the bears have almost broken below the EMAs. Selling pressure will continue as soon as the price is below the EMAs.
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 price has fallen to the $0.27 support level and it has been holding since February 8. Ripple may fall to a low of $0.26 if the support cracks. Nevertheless, traders should adjust their stop loss and other parameters to be below $0.26 because of the uncertainty of price movement. Similarly, stop loss can be review upward when the market moves up.
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