Ripple Faces Further Rejection as Price May Reach $0.175 Low
May 26, 2020 at 11:20 //
News
Since April 29, the bears have overwhelmingly subdued the bulls as buyers failed to break above the downtrend line. The downtrend line shows the resistance levels of the price of Ripple.
Initially, the bulls were attempting to break the $0.205 resistance level and move up to retest the $0.235 overhead resistance. Nonetheless, the crypto has depreciated as further upward moves have been resisted below $0.20 resistance.
On May 24, the bulls were resisted at $0.20 as the market dropped to $0.19 support. However, the price made an upward correction which is insignificant. Further depreciation is possible as the crypto continues to disintegrate. An upward move of XRP is possible if price rebounds and the downtrend line is broken. However, as long as the downtrend line remains intact, Ripple will continue to fall.
Ripple indicator analysis
The crypto has been on a downward move as price breaks below the support line of the ascending channel. This indicates that there is a possibility of a downward move.XRP is below 50% range of the daily stochastic indicating bearish momentum. It is likely the market will continue to move down.
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 has depreciated again as the market trades below $0.20 resistance. The bears have tested the $0.19 support twice to break below it. The next support will be $0.175 if the bears succeed in breaking the current support.
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