Ripple Has Continued to Decline; Here’s Why
Aug 08, 2020 at 13:06 //
News
Ripple has failed to sustain its uptrend after the previous decline on August 2. In that case, XRP fell to $0.27. Thereafter, buyers responded to resuscitate XRP by pushing the price upward.
Eventually, Ripple was repelled as the market dropped again to $0.30 support. The market took a breath for three days as the crypto consolidated above the $0.30 support. Buyers and sellers were tussling for the price above $0.30 before the recent decline to $0.28 low but the price corrected above $0.29.
The recent decline is attributed to the general correlated nature of the cryptocurrency market. At the time of writing the cryptocurrency market is facing selling pressure. Bitcoin is sliding back to $11,000.It is unlikely for Ripple to continue its recent surge. Today, XRP is trading above the $0.28 support as the price continues to move up. The crypto will retest the $0.32 high if the coin rebounds. Conversely, if the bears break the current support, XRP risks further downtrend.
Ripple indicator analysis
The downtrend has made XRP fall above the EMAs. Ripple will continue its rise if the price remains above the EMAs. The downtrend will resume if the market falls below the EMAs. XRP is now in a bearish momentum as price falls below the 80% range of the daily stochastic. If the price breaks below the resistance line; it will indicate a downward price 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?
The market is currently falling to $0.29 support. The uptrend will resume once the current support holds. In the last uptrend, the retraced candle body tested the 0.50 Fibonacci retracement level. When the uptrend resumes, XRP is expected to rise and reach the Fibonacci 2.0 extension level or the $0.36 high.
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