Ripple Rallies Breaking Key Resistances
Ripple made an unexpected move above the overhead resistance at $0.23. Unfortunately, the bulls failed to hold the price at that level as the coin slumped to the low of $0.22. Sellers are still having the upper hand over buyers. Buyers made their way to the $0.24 price level but were pushed down to the low of $0.22. In a nutshell, XRP will need more buyers at the upper price level.
In the meantime, the price falls to the support of $0.22. An upward movement is expected for the coin to retest the $0.23 and $0.24 price levels. A downward movement is expected if the bulls fail to hold $0.22 support. This will make the coin slide down to $0.21.
Ripple (XRP) Indicator Analysis
The bullish momentum is ongoing as XRP trades above the 75% range of the daily stochastic. As price finds support, XRP will pick up momentum to retest the $0.24 price level. The EMAs are maintaining the bullish crossover as the price sustains its move.
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’s rally above the $0.23 resistance is inconclusive as the price fell to its previous low. XRP has the possibility of price moving up as the price bars are above the moving averages. As the coin retraces the bearish candlestick has a lower shadow which represents the buying power. As the bears push the price downward, the bulls overcome them .
Disclaimer. This analysis and forecast are the personal opinions of the author 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.
Published at Thu, 16 Jan 2020 13:02:44 +0000