Ripple Drops Again, as Bulls Fail to Defend $0.20 Critical Support Level
Mar 12, 2020 at 13:03 //
News
Ripple has consistently dropped within the last 48 hours. After its consolidation over the previous support of $0.24 for two weeks, XRP dropped to a low of $0.20. Currently, the bulls have been making concerted efforts to defend the support at $0.20 since March 8. Buyers make an upward move to a high of $0.21 but face resistance.
The bears defended this level as the price turns down and breaks the $0.20 support level. Ripple has dropped again to $0.15 low but the selling pressure may continue. As Ripple continues its fall, the price has fallen to the oversold region. Probably, the downward move may soon end at the next support.
Ripple (XRP) Indicator Analysis
From its downward move, XRP has fallen below the 20% range of the daily stochastic. The implication is that buyers will soon take control of price as selling dies down. The EMAs are pointing downward indicating the downward move.
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’s downtrend has reached a low of $0.15 as the price continues its fall. Ripple will be testing a historical price level of August, 2017, if the price falls to the low of $0.15. Alternatively, the current price level of $0.15 is strong support and likely to hold. This will trigger an upward move.
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