Ripple Range-Bound Above $0.23 after a Retest at $0.26 Resistance
Sep 12, 2020 at 12:28 //
News
Ripple has remained range-bound above $0.23 support. The crypto is fluctuating in a tight range between $0.23 and $0.25. Buyers have earlier attempted to push prices upward but were repelled at the $0.25 high.
The upward movement will be an uphill task as buyers must push XRP above the $0.28 support. The coin is trading at $24 support, and a rebound above the support will propel price to break the $0.25 resistance.
The bullish momentum is likely to continue to the $0.28 high. However, where buyers fail to initiate the upward move, sellers will come in to resume the downtrend. The coin is presently falling toward the current support at $0.23. A break below the current support will mean a downward movement of the coin. Ripple will reach a low of $0.21 if sellers are successful.
Ripple indicator analysis
The price is below the EMAs which indicates a further downward movement of the coin. On September 10, the price bar was repelled by the 12-day EMA. The EMAs are sloping down indicating the downtrend. XRP is in a strong bearish momentum as the price is below the 20% range.
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 long term bias is bearish. During the last bearish impulse, a green retraced candle body tested the 78.6% Fibonacci retracement level. It implies that Ripple will fall to the 1.272 Fibonacci extension level or the $0.21 low. This current decline is possible when the support level is breached.
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