Ripple in a Downward Correction, Battles Resistance at $0.38
Dec 26, 2020 at 12:02 //
NewsAbout 48 hours, Ripple plunged to $0.21 low as bulls failed to breach the $0.60 resistance. With this breakdown, Ripple is in the bearish trend zone.
The bulls have an uphill task to resume the upside momentum as the $0.50 price level has to be attained. Failure to attain the $0.50 support level will attract further selling pressure from the bears.
Presently, Ripple is making an upward move. The altcoin found support above $0.21 as the price pulled back above $0.24 high. After consolidation above the $0.24 support, the upward move has resumed. On the upside, if the bulls push XRP above $0.50, the crypto will continue with the upward move. On the other hand, a downward move will resume if the coin faces rejection. Ripple is trading at $0.37 at the time of writing.
Ripple indicator analysis
The crypto’s price broke the support line of the descending channel signalling the resumption of the downtrend. Also, the price breaks below the SMAs suggesting a possibility of the coin falling on the downside. From the price action, the coin is rising on the upside.XRP is above 80% Range of the daily stochastic. This indicates that the coin has bullish momentum.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.40, $0.35, $0.30
What is the next move for Ripple?
After a breakdown, the market has resumed an upward move. On December 24 uptrend; a retraced candle body tested the 61.8 % retracement level. The retracement suggests that Ripple will rise to level 1.618 Fibonacci extension or $0.45 high.
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