Ripple Unstable Above $0.19 Support, Faces Further Selling Pressure
Jul 16, 2020 at 11:56 //
News
In its current upward movement, Ripple has been consolidating between $0.195 and $0.205 after the bull failed to break the $0.21 resistance. Before now, buyers were able to push XRP to $0.21 high because the coin rebounded and rallied to $0.21 high on July 8.
Unfortunately, the coin reached the overbought region as the uptrend was interrupted. Sellers emerged to push prices down. The price has fallen into the current price range to break below $0.195 support.
When price rises, a break above $0.205 will propel price to break the $0.21 resistance. Subsequently, the momentum will extend to retest the $0.235 resistance. Similarly, if the bulls fail to break the $0.205 resistance, the bears will take advantage to break the $0.195 support. XRP will drop again to $0.17 low if the bears are successful. In the meantime, the market is falling.
Ripple indicator analysis
There is the possibility of price breaking below the EMAs. The current support above the EMAs must hold for Ripple to rise. XRP is below 80 % range of the daily stochastic. In the meantime, the coin is in bearish 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?
The bulls have been holding the current support above $0.195 in the last one week. The coin will resume a fresh uptrend if the bulls can clear the resistance at $0.205 and $0.21. Then the price will accelerate to breach the $0.235 overhead resistance. However, the upward move will not be possible if the bulls fail to defend the $0.195 support.
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
