Ripple Hovers above $0.28 Support, Engages Next Resistance at $0.30

Aug 13, 2020 at 09:48 // News
Coin Idol
Ripple hovers above the support

Ripple has been on a steady decline soon after it fell from the $0.325 high. Today, XRP is trading above $0.28 support.

On August 7, XRP declined to $0.28 low, but buyers responded and pushed the price back to $0.30 high. The price could not break the $0.30 resistance after three attempts. The selling pressure is overwhelming as buyers settled above the 0.28 support. Ripple is now consolidating above the $0.28 support.  

Buyers have two hurdles to jump over before retesting the $0.34 overhead resistance. There are indications of price possible upward movement as XRP hovers above the EMAs. Ripple will rise if buyers push the price above $0.29 support. A strong bounce above the support will propel the price to break the resistance at $0.30 and $0.32. This will accelerate the price to retest the $0.34 overhead resistance. Ripple will be trading between $0.28 and $0.30 if buyers fail to break the resistance levels.

Ripple indicator analysis

Ripple is at level 62 of the Relative Strength Index Period 14. It indicates that Ripple will rise as it is in the bullish trend zone and above the centerline 50. The price bars are above the EMAs indicating an upward move.

XRP chart.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?  

Despite the decline, the uptrend is intact as price hovers above $0.28 support. According to the Fibonacci tool, XRP is likely to rise. On August 3 uptrend, the last red candle body tested the 0.50 Fibonacci retracement level. This gives the impression that the market will rise and reach 2.0 Fibonacci extension level or $0.36 high.

XRP chart.png

Disclaimer. This analysis and forecast are the personal opinions of the author and 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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