Ripple Showing Little Sign of Strength amidst Selling Pressure

CoinIdol(Source: 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.

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