Ripple Rebounds, Faces $0.20500 Resistance
Apr 09, 2020 at 14:56 //
News
Ripple is still trapped below $0.20500 resistance after the last rebound. The bulls are unrelenting as the price continues to retest the $0.20500 resistance. In the first retest, the bulls were repelled as the price fell to $0.19 low.
In the subsequent retest, the price is consolidating below the current resistance. The upward move is likely to continue because the price is above the EMAs. XRP will rise above the minor resistance and break the $0.21 resistance if the bulls sustain the price above $0.19. It is anticipated that the momentum will reach a high of $0.25.
Ripple Indicator Analysis
Ripple is above 80% range of the daily stochastic. This means that XRP is in the overbought region of the market. The current uptrend is likely to be cut short as sellers are likely to emerge to push prices downward. The downward move may fall to $0.19 low and resume upward move. The moving averages are about to have a bullish crossover indicating an uptrend.
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 upward move is hampered because of the emergence of sellers in the overbought region. It is uncertain the extent of the downward move. However, it is expected for the bulls to defend the $0.19 support for the continuity of uptrend. Ripple will be out of the downtrend zone if the bulls break above $0.21 resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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
