Ripple Recovers from Downtrend and Rebounds, Uptrend Likely After Holding Bottom
Jul 07, 2020 at 11:01 //
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Finally, Ripple bulls have broken out of the previous price range of $0.17 and $0.18. This impressive move was made as the coin rebounded above the $0.175 support. The price rallied to $0.19 resistance.
At the $0.19 price level, XRP reached the overbought region of the market. Sellers were emerging to push prices down. Presently, Ripple is retracing to $0.185 low.
On the upside, if the coin rebounds again above $0.185 low, the momentum will break the resistance of $0.19 and $0.195. The price action will extend to $0.205 high. However, if the bulls fail to break the current resistance, XRP will fall and resume a range-bound movement. With the recent rebound, Ripple bulls have put an end to the downtrend.
Ripple indicator analysis
The bulls are approaching the downtrend line. XRP will resume its uptrend if the price breaks the trend line and closes above it. In the meantime, the price has broken above the EMAs, if the current momentum is sustained above it, XRP will rise. The coin is above the 40 % range of the daily stochastic. It indicates that the market has bullish momentum.
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 downtrend is presumed to be over as price reaches a high of $0.19. It will begin resumption of uptrend if the price breaks the downtrend line. However, if the downtrend line remains unbroken, XRP will remain in the bearish trend zone.
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