Ripple Is Looking Bearish as It Struggles Above $0.27 Support
Aug 29, 2020 at 10:29 //
News
Following the breakdown of the crucial support at $0.28, sellers have pushed the XRP to the low of $0.255. Besides the crucial support, the other support levels are easily broken.
Today, the price has been corrected upward to $0.275 high. Even after the upward correction and a retest at the recent high, XRP is looking bearish to resume a downward move.
This has been the bearish scenario since August 3 when it plunged from its peak price to $0.25. Today, buyers are making a positive move as they attempt to push the coin above the EMAs or $0.28 high. Once they are successful, XRP will be on track. Nevertheless, XRP will continue the downward move, if sellers break the $0.26 support. In other words, XRP will revisit the previous low at $0.24, once buyers lose control at the $0.27 high.
Ripple indicator analysis
The coin is in a precarious situation because price has broken all the relevant levels. The support line of the ascending channel has been broken. The EMAs are not left out. This indicates that the coin may likely fall. XRP has risen to level 46 of the RSI period 14. It is approaching the centerline 50.
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?
Nevertheless, from the previous price action, the Fibonacci tool has earlier indicated that price fell to $0.25 low but reversed upward. Also, Ripple will equally move up to the previous highs. On August 3 uptrend, XRP reached the $0.32 high but was resisted. The retraced candle body tested the 78.6% Fibonacci retracement level. This suggests that the coin will rise to 1.272 Fibonacci extension level or the high of $0.36.
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