Ripple Battles Downward Correction, Unable to Push Above $0.215 Resistance
Jun 04, 2020 at 10:31 //
News
Ripple is facing stiff resistance at the $0.215 resistance level. The crypto has earlier rebounded but could not breach the $0.215 resistance.
Eventually, the uptrend was repelled as the market fell to $0.20 low on two different occasions. Buyers have earlier pushed the price to $0.215 resistance on two occasions, only for the coin to drop again to the previous support it originated.
The bottom line is that Ripple lacks buyers at a higher price level. Since June 2, the bulls are making frantic efforts to reclaim the resistance levels that were earlier broken. Ripple is currently trading above $0.205 resistance after the recent breakdown. On the upside, a break above $0.215 will accelerate the upward move. However, XRP risks further breakdown if bulls fail to break the $0.215 resistance.
Ripple indicator analysis
The downtrend line has earlier been broken by the bulls. This indicates a change in trend as bulls continue to push upward. XRP is presently below 80% range of the daily stochastic. This indicates a bearish momentum. However, it contradicts the price action which is showing bullish signals.
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 recent upward move has been invalidated by the bears. Ripple has resumed a fresh uptrend above $0.20 support which is facing another resistance at $0.205. There is a bearish reaction as sellers push price downward. A break below $0.20 will sink the coin to $0.19 low. Perhaps, the crypto will be compelled to another range bound movement below $0.20 resistance.
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