Ripple May Sink Below $0.12, Amidst Aggressive Selling

Mar 17, 2020 at 14:20 // News
Author
Coin Idol
Presently, XRP is fluctuating between $0.12 and $0.16

After the last bearish impulse on March 12, Ripple dropped to a low of $0.12 but moved up to resume consolidation. The breakdown was from the previous high of $0.20 to a low of $0.12. The bulls made an initial effort to make an upward move but were resisted at $0.17. With this resistance, the selling pressure will be at a lower price range.

Presently, XRP is fluctuating between $0.12 and $0.16.On the downside, if the bears break the $0.12 support, Ripple will sink to the low of $0.10. An upward move is possible if price breakout at the $0.17 resistance. Alternatively, if the coin can bounce at the $0.12 low, the price will rally above $0.17. 

Ripple (XRP) Indicator Analysis

Ripple is at level 32 of the Relative Strength Index period 14. XRP is temporarily out of the oversold region. However, level 32 is still below the centerline 50. This implies that XRP may fall because it is still in the downtrend zone. The EMAs are still sloping southward indicating the downtrend.

XRP-CoinIdol.png 

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15 

What Is the Next Direction for Ripple (XRP)?

Ripple is at the bottom of the chart. An upward move is possible if the bulls emerge in the oversold region. The bulls will have to defend the $0.12 support and ensure that the price is sustained. New buyers can be introduced at the bottom of the chart to push the coin upward. Conversely, if the bears break the $0.12 support, Ripple will sink.

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.


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