Ripple Fails to Rally above $0.18 Resistance, Lacks Buyers at Higher Levels
Jul 02, 2020 at 12:30 //
News
For the past week, Ripple bulls have continued to sustain the upward move. The bears sank the XRP to the low of $0.17 since then the bulls have been attempting to break the $0.18 resistance but were repelled.
This explains why Ripple lacks buyers at high levels of price. The coin risks further depreciation if the bulls fail to break the current resistance.
On the downside, if the bears succeed in breaking the $0.17 low, XRP will further depreciate to $0.166 low. Nevertheless, there are indications that XRP may further depreciate to 2.0 extension level. In other words, the market will fall to $0.12 low. The Coin is still fluctuating between $0.17 and $0.18 at the time of writing.
Ripple indicator analysis
In the last bearish impulse, the XRP fell to the low of $0.16900 and rebounded. The coin also reached the oversold region as buyers buy the dips. Presently, it is above the 25 % range of the daily stochastic. It indicates that the market is in a bullish momentum. The price bars are below the EMAs which suggest a further 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?
Ripple continuous downward movement is uncertain as price is below the EMAs. However, if the bulls break above the EMAs, then there is a certainty of upward movement. Nevertheless, as long as price is below the EMAs, the downward move is certain.
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