XRP to Eventually Surmount the Major Supply Zone at $0.3
XRP has made no significant price movement as it continues to trade below the $0.30 price level. Recently, the coin has been making false breakout above the $0.30 resistance level. Each time, the bulls break above the resistance level the price pulls back below the resistance level. The XRP lacks buying power at the $0.30 resistance level.
Nevertheless, if more buyers come in at the resistance level, the bulls will break the resistance level and reach the $0.34 supply zone. If the bulls break the $0.30 price level, XRP will be out of the downtrend zone. However, if the bulls fail to break the resistance level, XRP will continue to trade below the resistance level.
Ripple (XRP) Indicator Reading
XRP is trading in an ascending channel. The price moves up by testing the resistance line and the support line of the ascending channel. As the price continues its higher highs move and closes above the resistance line, XRP will commence a bullish movement. On the other hand, if the coin makes higher lows and breaks the support line, XRP will fall. Meanwhile, the price is above the 12-day EMA and the 26-day EMA signifying that the price is rising.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
What Is the Next Direction for Ripple (XRP)
The XRP/USD pair is likely to rise as the coin is in the bullish trend zone. Nonetheless, the bulls are in short supply at the higher price level. More buyers at the higher price level will propel the coin to soar higher. However, XRP will continue trade below the resistance level, if the $0.30 resistance level remains in tact.
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 Mon, 04 Nov 2019 18:22:40 +0000