Ripple Forms a Bearish Double Top, Battles $0.32 Resistance
Aug 20, 2020 at 11:09 //
News
The recent upward move of Ripple to $0.327 high has attracted some bearish consequences. In other words, buyers could not sustain the uptrend.
Neither were they able to sustain the upside gains. Sellers reacted sharply at the $0.327 high as they pushed prices to $0.287 low. There will be a further downward move if the $0.28 support is breached. The support has been held since August 1. A break below $0.28 will sink the coin to a low of $0.24. Ripple will resume uptrend if the current support holds. Meanwhile, XRP is falling and approaching the $0.28 support.
Ripple indicator analysis
Ripple is falling and approaching the support line. XRP will continue to fall if the support line is broken. The price has broken the 12-day EMA and may likely break the next EMA to resume the downward move. The coin is in bearish momentum as it is below the 50% range of the daily stochastic.
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?
Despite the recent retracement to $0.28 low, Ripple will attain a target price of $0.36 and later reverse. In the August 2 uptrend, a bearish candle body tested the 78.6% Fibonacci retracement level. This implies that XRP will rise to 1.272 ( $0.36) Fibonacci extension level. At the 1.272 extension, the market will reverse. A reversal will return XRP to a 78.6% retracement level. Ripple will fall to $0.28 low and resume the uptrend.
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