Ripple Is Defenseless, a Further Downward Move below $0.20500 is Likely
May 16, 2020 at 11:14 //
News
Yesterday, buyers turned down from the $0.20500 resistance after an attempt to push the price above it. Certainly, the bulls lack buying power at higher levels.
The resultant effect was that the crypto fell to $0.19500 low. The possibility of a further downward move cannot be ruled out. At the $0.19500 low, the bulls are making another attempt to push the price upward.
The current support may break if the bullish move above $0.20000 resistance is unsuccessful. Ripple can further depreciate to the lows of $0.18 or $0.18500. Conversely, if the bulls are repelled and price retraces to $0.19500 low, a rebound can perhaps occur. On April 28, the crypto rebounded exactly at the same price level, and XRP rallied to $0.23500. It is anticipated that a similar rebound is likely.
Ripple indicator analysis
XRP retraced to a $0.19500 low but is stuck below the EMAs. This explains that XRP is likely to fall if it fails to break above the EMAs. The daily stochastic indicates that XRP is still above the 40% range suggesting that XRP is bullish. The market will rise if it breaks above the support line.
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?
The failure of the bulls to break above the $0.20500 resistance, further deepens the coin. However, buyers' attempt to push the price upward was also resisted by the EMAs. Nonetheless, if price retraces and breaks below $0.19500, the selling pressure will resume.
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