Ripple Loses $0.24 Support as Price Makes Deeper Correction
Oct 02, 2020 at 12:40 //
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Ripple (XRP) price analysis, October 2, 2020. Finally, sellers overwhelm buyers as they fail to break the $0.248 resistance.
Ripple (XRP) Price Long-Term Forecast: Bearish
Sellers have taken control of price as they break the $0.24 support. The current downward move is unavoidable as price breaks the $0.24 support and retested the previous support. The selling pressure on Ripple coin is likely to extend to a low of $0.22.
The downtrend is likely to resume after the $0.22 support is breached. The price will continue its fall to a low of $0.19 or $0.18. Nonetheless, as buyers lose the $0.24 support the bullish scenario has been invalidated. In other words, a breakout at the $0.26 price level is unattainable for now. Ripple is trading at $0.23152 at the time of writing on October 2. 2020.
Ripple (XRP) Indicator Analysis
The price bars are below the EMAs which indicates a further downward move. The XRP coin is falling as it faces rejection at the 12-day EMA. The stochastic bands are below the 50% range of the daily stochastic. This indicates that the crypto has 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 (XRP)?
Ripple is now in a downward move. On September 23 downtrend; the green retraced candle body tested the 50% Fibonacci retracement level. This indicates that Ripple will fall to the 2.0 Fibonacci extension level. That is a low of $0.1815.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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