Ripple Trades Marginally, Larger Move Likely Soon
Sep 15, 2020 at 09:57 //
News
Buyers have successfully held the price level above $0.23 for the past four days. There has been no significant price movement for the past few days.
The coin has consistently traded above the $0.24 support. Ripple will only resume the uptrend if buyers push the coin above $0.26 high. Nevertheless, XRP is trading marginally upward above the $0.24 support. This is a vital opportunity for the coin to rebound above the current support.
A strong bounce above $0.24 support will make the price to rally above the $0.25 high. The momentum will extend above the $0.26 support. Incidentally, the price bars will be above the EMAs. This will suggest that the uptrend has resumed. Conversely, if XRP fails to reach above the $0.26 high, the market will be compelled to a range-bound movement. Today, Ripple is trading marginally above $0.24 support.
Ripple indicator analysis
Ripple is in a descending channel. A break below the support line of the descending channel will mean a further decline of the coin. The price is testing the 12-day EMA to break above it. Ripple will rise if the price breaks above the EMAs.
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?
As the support at $0.23 holds, buyers are making frantic efforts to push prices upward. According to the daily stochastic, the price has reached the oversold region of the market. The implication is that the selling pressure has reached exhaustion suggesting that buyers are likely to emerge. The Fibonacci analysis will be invalidated if the current support holds.
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