Ripple Consolidates Above $0.23 Support, Uptrend Likely
Sep 10, 2020 at 10:50 //
News
Buyers have sustained hold above $0.23 support for about a week. Nonetheless, the crypto has been trading marginally for the past week.
There has been no significant price movement as price fails to rebound. On September 4, buyers pushed the coin to the previous high but were repelled at the $0.26 high. Today, Ripple has risen to $0.24 at the time of writing. The uptrend will resume if buyers pushed the XRP above the $0.28 high and the price is sustained.
The crypto will be trading in the bullish trend zone. However, if buyers fail to push price above the $0.28 high, XRP will fall. Sellers will attempt to break below the $0.23 support level. The resultant effect is that a downward move to $0.185 low is possible. Alternatively, XRP will be compelled to a sideways move for a few more days.
Ripple indicator analysis
The coin has fallen and remained in the oversold region since September 5. However, the stochastic bands have also remained horizontally flat in the last few days. This explains the earlier sideways move above the $0.23 support level.
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?
In the meantime, price is fluctuating between levels of $0.23 and $0.26. The upward move is uncertain. There is a tendency of Ripple falling because it is in the bearish trend zone. On September 3 downtrend; the retraced candle body tested the 78.6 % Retracement level. On the downside, if the $0.23 support is breached, the market will reach the 1.272 Fibonacci level or $0.21 low. Thereafter, Ripple will reverse 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