Ripple Holds above $0.23, Amidst Sleepy Market

Fibo Quantum

Jan 31, 2020 at 09:13 // News

Recently, Ripple broke above the resistance at $0.24 which re-energized the hopes of analysts. It was anticipated that a break above $0.24 will cause the coin to rally above $0.25. Suddenly, the price retraced and found support above $0.23.Similarly, On January 19, Ripple attained a high of $0.25, but selling pressure made the coin fall to the low of $0.22.


Certainly, this clearly explains that the coin lacks buyers at higher price levels. Nonetheless, the current status of Ripple is that it is making a downward move. If the selling pressure continues and breaks the law of $0.2300, the coin will drop to a low of $0.22. XRP will resume a range-bound movement if the support holds.


Ripple (XRP) Indicator Analysis


In the meantime, the technical indicator Stochastic is indicating that the coin has bullish momentum. The momentum is weak as it is above 40% range. The present bearish candlestick is falling attempting to break the EMAs. If the bears break below the EMAs, Ripple will fall to the low of $0.22. Subsequently, the market will reach a low of $0.20.


XRP-CoinIdol_(5).png


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)?


It is uncertain what the direction of Ripple will be. Our bullish view has been invalidated as the resistance at $0.24 remains unbroken. Meanwhile, Ripple will commence a range-bound movement, if the price retraces and finds support above the 12-day EMA. 


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.