Ripple Begins Important Breakout, Unable to Push Above $0.205 Resistance
Jul 09, 2020 at 12:00 //
News
According to the previous analysis, Ripple has rebounded again at a low of $0.185 to reach a high of $0.205. XRP has earlier rebounded to break the price range between $0.17 and $0.18.
Nonetheless, with the recent breakout, the coin has breached the resistance at $0.195 but was repelled at $0.205. Presently, after the resistance, the price retraces to $0.20 low to resume the uptrend.
The crypto has an uphill task as it will have to overcome three resistance levels before retesting the overhead resistance. Presently, the market has retraced to $0.20 low, and a strong bounce above the current support will break the $0.215 and $0.225 resistance levels. There is the possibility of the momentum extending to $0.235 high. However, if the current resistance is not breached, Ripple will be compelled to a sideways move below the resistance.
Ripple indicator analysis
Given the recent uptrend, XRP is above 80 % range of the daily stochastic. It indicates that the market has reached the overbought region. The implication is that sellers will be pushing prices down. However, after retracement, the uptrend will resume. XRP is now in the bullish trend zone as price is above the EMAs. That is the coin will begin to rise.
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’s uptrend is confirmed as the crypto has begun to rise after a long downtrend. The coin is presently facing resistance at $0.205 high. The bulls have to break the resistance for uptrend continuation. Otherwise, Ripple will be compelled to a range-bound movement.
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
