Ripple Poises to Resume Uptrend Despite Stalling Below $0.30 Resistance
Aug 15, 2020 at 10:40 //
News
After several downward moves, Ripple rebounded above $0.28 support. The rebound tested the $0.30 high but faced rejection.
On August 11, price had earlier been rejected at this level as XRP fell to $0.28 support. In a similar uptrend on August 3, buyers pushed price to $0.32 high but were rejected. However, the decline continued until price reached a low of $0.28. In today’s rejection, price has fallen to $0.29 support.
The bottom line is that buyers must break the $0.30 resistance to facilitate the upward move. A break above $0.30 resistance will propel price to rally above $0.32 resistance. Nonetheless, the uptrend will now resume as buyers push price to the presumed level of $0.36. Meanwhile, the price has fallen to the support above the 12-day EMA.
Ripple indicator analysis
Ripple’s recent decline was above the support of the 12-day EMA. However, if the decline has broken below the EMAs, XRP selling pressure may persist. As price bars are above the EMAs, XRP chances of rising are likely. XRP is now in a bullish momentum as price is above the 40 % 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?
Ripple uptrend is under threat by sellers at the $0.30 resistance. On the 4-hour chart, buyers made an upward correction to $0.32 but were resisted. The last red candle body tested the 0.50 Fibonacci retracement level. This gives us the clue that the market will rise to 2.0 Fibonacci extension level. In other words, Ripple will reach a 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
