Ripple Risks Deeper Correction If $0.26 Support Cracks
Sep 03, 2020 at 09:28 //
News
Since on August 28, Ripple has been holding above the $0.26 support level. Yesterday, buyers attempted to push XRP above the $0.30 high but were repelled.
XRP would have retested or broken the $0.32 resistance if they were successful. Yesterday, buyers were unsuccessful as the price dropped to $0.28 low. However, the downward move is unavoidable as price breaks the current support. The implication is that XRP will reach the previous low of $0.26.
It will become imperative for buyers to defend the $0.26 support level. Ripple will embark on a sharp drop if the bears break below the $0.26 support. The market will fall to as low as $0.20. Meanwhile, the crypto is falling and it is approaching the $0 27 low. The market will move up if price finds support and rebounds above the current support level.
Ripple indicator analysis
Ripple is in the bearish trend zone as price breaks below the EMAs. The current price action is contrary to the daily stochastic. The daily stochastic indicates that the coin has bullish momentum above the 50% range. The price action has changed to bearish momentum.
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 crypto is on a downward move. The bullish scenario is likely to be invalidated if the bears break the $0.26 support and price drops to $0.20 low. On the other hand, the uptrend will be intact if the $0.26 support holds. Buyers will resume the upside momentum. The price will rise and the resistance will be retested or broken as the coin reaches the target price 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