Ripple Accelerates to the Downside, Possibly Finding Support at $0.18 Low
Jun 27, 2020 at 08:49 //
News
Ripple has consistently made a downward move since April 30. The selling pressure from the high of $0.23500 has dropped to $0.183 low.
The bottom line is that Ripple lacks buyers at higher levels. The crypto was relatively stable when it was range-bound between $0.185 and $0.195 for over two weeks. Recently, the bears broke the 0.185 support as price fell to $0.18 low. Buyers responded promptly to correct upward but the $0.185 support now becomes resistance.
The current price is now trapped between $0.18 and $0.185 price levels. In other words, XRP is trading at $0.183 at the time of writing. On the upside, a strong bounce at the current support will propel the price to break the resistance at $0.185 but will face stiff resistance at $0.19. However, if the bears break the $0.18 support, XRP will further depreciate.
Ripple indicator analysis
The price bars are still below the EMAs which indicates a further downward movement of the coin. Meanwhile, XRP has fallen to the oversold region of the market. The coin is below the 20% range of the daily stochastic. It indicates that buyers are likely to emerge to push prices upward. That is the $0.18 support is likely to hold as price moves up.
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 not been able to move up since April 30. The price bars are below the 12-day EMA and the 26-day EMA. The upward move of the coin becomes impossible as the price bars are below the EMAs. Buyers are to be introduced at the current support to buy from the dips. This will propel prices to move up. Otherwise, the downward move will continue.
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
