Ripple Swings up above $0.235 Overhead Resistance, Targets $0.28 High
Jul 30, 2020 at 11:39 //
News
Today, Ripple has successfully breached the overhead resistance of $0.235 and rallied above $0.24 high.
Since April 28, XRP has been under bear control when XRP was resisted at $0.235 overhead resistance. The market dropped from $0.235 to $0.17 low and XRP rebounded twice on July 6. The July 6 uptrend caused the coin to be overbought at $0.207 high.
Sellers emerged as the coin dropped to $0.19 low. On July 16, the new uptrend resumed above $0.19 and continued to rise without a pullback. The bulls have breached all the minor resistance including the overhead resistance at $0.235. Ripple is now approaching the $0.25 high. As the market continues its surge, XRP is likely to face little resistance at $0.25. A break above $0.25 will propel the price to reach the $0.28 high. The crypto is likely to face sellers who will aggressively defend the $0.28 high. Presently, the market is approaching $0.25 high.
Ripple indicator analysis
The recent upward move has pushed XRP to trade in the overbought region of the market. In other words, XRP is above 80% range of the daily stochastic. It indicates that the market is in a strong bullish momentum. However, sellers are emerging at the overbought region to push prices down. XRP will resume uptrend as the price is above the EMAs.
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?
XRP is out of the downtrend zone as bulls break the $0.235 overhead resistance. Its recent uptrend has been symbolic. The coin rebound above $0.19 low and rallied to $0.25 but faces rejection at the recent high. The market will resume if price retraces and finds support above $0.235 support.
Disclaimer. This analysis and forecast are the personal opinions of the author 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