Ripple Is Range-Bound, Bears Threaten to Short
Mar 21, 2020 at 14:27 //
News
In the last 24 hours, Ripple was confined to its price range as the bulls failed to breach the $0.17 resistance. On March 19, the bulls had earlier bought at the low of $0.15 and XRP moved up the $0.17 resistance. The upward move was terminated as the bulls were resisted. The bears have resolved to mount stiff selling pressure at the overhead resistance.
Today, the price has fallen to the same low at $0.15 and the retracement may likely continue. In other words, the current fluctuations between $0.12 and $0.17 may continue. Expectantly, Ripple will rally above $0.20 if the $0.17 resistance is breached. However, the market will remain in consolation where the bulls fail to overcome.
Ripple (XRP) Indicator Analysis
Presently, Ripple is at level 36 of the Relative Strength Index. This indicates that XRP is approaching the oversold region of the market. XRP is also below the centerline 50. This implies that it is in the downtrend zone. Ripple can also make an upward move if it breaks above the support line of the channel.
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 trapped between the levels of $0.12 and $0.17. The market upward move is doubtful in the interim. Ripple is likely to face more resistance at $0.17 price level. XRP will be seriously oversold if the bears break the $0.12 low. Nonetheless, XRP will need more buyers at the bottom of the chart to push XRP upward.
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