Ripple Recovers from Downtrend, Battles Resistance at $0.24
Feb 29, 2020 at 14:14 //
News
Over the past two days, XRP fell to a $0.22 low and reached the oversold region of the market. In the long run, buyers are on hand to push XRP upward. Unfortunately, the uptrend is hampered as the bulls are repelled at $0.24 resistance. Buyers came back to retest the resistance but continue to push the price over it.
Buyers have an uphill task because they have to prevail over the resistance at $0.24 and $0.26 before reaching $0.28. XRP will rally over $0.28 resistance if buyers overcome the initial resistance. However, if buyers fail to break these resistances, Ripple will be obliged to a range bound move.
Ripple (XRP) Indicator Analysis
Ripple is making a gradual upward move. In the same vein, XRP rose to level 39 of the daily RSI period 14. This indicates that XRP is in the downtrend and it is also beneath the centerline 50.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What Is the Next Direction for Ripple (XRP)?
Ripple is in an uptrend after falling to a $0.22 low. The pair has reached a high of $0.24 but it is facing minor resistance. Nonetheless, Ripple will rally over $0.28, if price breaks at $0.24. Buying opportunities are still available as the market is likely to move up. Buying low at the inception of the trend makes a trader ride trend.
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