Ripple Showing Little Sign of Strength amidst Selling Pressure

CoinIdol(Source: coinidol.com By Coin Idol)    2020-05-23 19:03:00

[Image (click to view)]

Since May 14, Ripple’s bulls have failed to sustain the price above the $0.205 resistance. In the several attempts made at the resistance, buyers have found penetration difficult and have resorted to sideways movement below it.

After each failed attempt, the market will fall to $0.195 low and resume upward move. In retrospect, on April 29, Ripple rose to its peak price of $0.235 high but it reached the overbought region of the market. Sellers emerged to push price downward. The market has fallen from a high of $0.235 to $0.205 low. 

Nonetheless, for the XRP to resume a fresh uptrend the bulls must break the downtrend line, and price closes above it. Also, the resistance at $0.205 must be breached. Buyers have failed to push the price above these levels, rather price is in consolidation in form small body candlesticks below the resistance. Perhaps, a breakout will propel prices to break through these levels. The market will rally above $0.23 if the bulls were successful.

Ripple indicator analysis

The blue downtrend line is yet to be broken and a break above it with price sustained will signal the resumption of the uptrend. XRP is still above the 50% range of the daily stochastic indicating bullish momentum.


[Image (click to view)]

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?

Ripple has been confined below the $0.205 resistance. The market is currently trading below the resistance level with small body candlesticks. A breakout or breakdown is likely to occur after a period of consolidation.

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.

Expected to rise:0
Expected to fall:0
Live More
Published 10:06
When economics controls politics, we get what we've got t... [Expand]
Published 10:01
3D printed gun innovation is accelerating at a breakneck ... [Expand]
Published 10:01
This sums up what's going on rn [Expand]
Published 10:01
Saks hired a private defense agency https://t.co/TR7JXj7P... [Expand]
Published 10:00
The one most deserving of power is usually the one not se... [Expand]
Published 09:42
If you want to find signal amongst the geopolitical noise... [Expand]
Published 09:42
The smaller the nation the less bullshit they tolerate.
Published 09:30
May 21: June 3: https://t.co/r5wZR... [Expand]
Published 09:06
A report from Crypsis Group highlights a growing trend in... [Expand]
Published 08:12
America is the BSV of crypto. There's nowhere else for ... [Expand]
Published 08:12
Published 07:48
I'm so fucking furious. We tanked our economy, put 40 mil... [Expand]
Published 07:36
Minneapolis Mayor Jacob Frey showed up today at the prote... [Expand]
Published 07:06
Suzhou aims to provide a wide range of notary services by... [Expand]
Published 06:42
Let me be clear: the fact I think black lives matter is b... [Expand]
Published 06:00
Who would be better at mining crypto?
Published 05:48
Mandatory youth propaganda camps brainwash children to be... [Expand]
Published 05:48
When America was founded its population was 2.5 million. ... [Expand]
Published 05:24
“After gaining controversy on Twitter, Brave has announce... [Expand]
Published 04:54
Can anybody help me confirm which city this protest is fr... [Expand]