Ripple At Standstill after Falling From Important Rejection
May 28, 2020 at 10:41 //
News
In the last 48 hours, Ripple has failed to breach the downtrend line. The crypto has been unsuccessful to push above the previous highs.
For the past two days, XRP has remained at a low of $0.19 with a small marginal price movement. On May 26, the bulls bought from the dips but were insufficient to push XRP upward. Rather the upward move was repelled at the $0.20 resistance.
On the upside, a strong rebound will propel XRP to break through the resistance levels of $0.20 and $0.205 and rally above $0.225. The momentum can extend to retest the $0.235 overhead resistance. At the moment, XRP is falling toward the $0.19 support at the time of writing. The crypto may resume a downward move if the $0.19 support cracks. Conversely, the upward move will resume when the minor resistance levels are breached.
Ripple indicator analysis
Currently, the market is retracing, if it rebounds at the $0.19 low, there is the possibility of breaking the minor resistances or the downtrend line. This will propel prices to move up. Ripple is above the 25% range of the daily stochastic indicating bullish momentum.
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?
Ripple bulls have been overwhelmed by the bears’ unending downward move. The bears may prevail again if the bulls turn from the downtrend line. The current support will be under threat by the bears as XRP may sink to $0.175 low.
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