Ripple Ponders Next Move, Stuck in Middle of a Range
May 30, 2020 at 12:13 //
News
Surprisingly, Ripple has been stagnant, soon after the breakdown at the $0.20 resistance. For over a week, price has been fluctuating below the $0.20 resistance without any discernible direction of price movement.
Despite the low volatility, Ripple’s bulls have rebounded thrice to break the $0.20 resistance but to no avail. On each partial breakout above the $0.20 resistance, the market will suddenly drop to $0.192 low.
In other words, on every retest at the resistance, XRP has a corresponding bearish reaction. However, significant price movement is underway despite the volatility. Presently, Ripple is confined in a range between $0.192 and $0.20. The upward move has been repelled by stiff selling pressure at the $0.20 resistance. Since May, the support has been holding after bearish onslaught. Any breakdown will portend negatively on the coin.
Ripple indicator analysis
The crypto is above the 40% range of the daily stochastic. The stochastic bands are attempting to point downward indicating a downward move. Similarly, the price action is in a bearish signal. The price bars are below the EMAs indicating a downward movement of the coin.
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?
There is still the possibility of an upward move if the bulls break the downtrend line and the price is sustained above it. Alternatively, if the bulls breach the $0.20 and $0.205 resistances, it will accelerate price movement to the previous highs.
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