Ripple Fails to Sustain, May Attract Selling Pressure

Mar 31, 2020 at 11:07 // News
Author
Coin Idol
Buyers fail to sustain XRP above $0.17

The pair has been trading consistently at $0.17 for the past four days. Unfortunately, buyers have failed to sustain prices above $0.17. Certainly, the market would have risen to a high of $0.20, if buyers pushed the price above $0.17.

The momentum will extend to a high of $0.22. Recently, the bulls broke and closed above the resistance line of the descending channel. .

This is an added advantage for buyers to make incursions into the previous highs. Conversely, XRP risks the sliding down of price below $0.17, if buyers fail to sustain the price above $0.17. The bottom line is that XRP lacks buyers at higher levels. Last week's price has been characterized by indecisive candlesticks. These candlesticks describe the uncertainty between bulls and bears about the direction of Ripple.

Ripple (XRP) Indicator Analysis

The price bars are above the 12-day EMA. XRP will resume its upward move if it is above the EMAs. XRP is presently above 60% range of the daily stochastic. It is resuming a bullish momentum.

XRP-CoinIdol_(3).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 faces the danger of turning down from $0.17 if it continues to trade at $0.17. On March 29, the price turned down but was well supported at $0.16 as XRP moved up again. However, the downtrend can extend to a low of $0.12. It is also anticipated that the market will rise once the bulls push above $0.17.

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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