Ripple Consolidates, Uncertain About the Direction of Market

Mar 05, 2020 at 12:46 // News
Coin Idol
Ripple has made its last downward move to a low of $0.23

Since November 26, Ripple has made its last downward move to a low of $0.23 and resumed consolidation. The selling pressure has been exhausted because XRP dropped to $0.23 low and became oversold. The selling has been overdone ending the downward move.

Presently, Ripple is fluctuating between $0.23 and $0.24 as the bulls and bears are undecided about the direction of the market. 

Nonetheless, Ripple is still in the oversold region of the market. The presence of buyers is necessary to propel XRP to come out of the region. Also, the emergence of the bulls will create an upward movement of price. The market will continue to consolidate and XRP will remain in the oversold region if the buyers fail to emerge.                                        

Ripple (XRP) Indicator Analysis

The stochastic bands are making a U-turn above the 20% range indicating that price has bullish momentum. The price will rise as soon as the momentum gets stronger. It is expected that if price rises above the EMAs, the market will reach a high of $0.26


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 has been oversold for over a week as bulls fail to emerge in the region. Expectantly, an upward movement of price is possible as soon as the bulls arrive at the oversold region. It is very unlikely for a downward movement of price.

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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