Ripple (XRP) Is Getting Weaker, Can the Bears Sink It to the Next Support at $0.24?

Nov 16, 2019 at 17:12 // News
Coin Idol
Ripple  price analysis

XRP has continued to be weakened as the bears struggle to sink the coin to the next support at $0.24. The downward movement is currently having a pause at the $0.26 support level. This was the previous resistance in September. The coin may drop to the support at $0.24 if the bears succeed in penetrating the current price level.

Nevertheless, XRP decline has been gradual because the bulls are making efforts to correct prices upward. However, the sellers are more than buyers at the current price level as the market is poised to reach its low.

Ripple (XRP) Indicator Analysis

XRP is now trading in the oversold region below the 20% range of the stochastic indicator. This explains that the coin is in a strong bearish momentum. The market is showing us a bearish crossover as the 12-day EMA is below the 26-day EMA. This is signaling to us that XRP is falling.

XRP chart.jpg

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

Key Demand zones: $0.25, $0.20, $0.15

What Is the Next Direction for Ripple (XRP)?

XRP will sink to the next support at $0.24. Remember that the market has been declining from the $0.31 resistance level. If the XRP drops to $0.24 support level and holds, then we should expect a sideways move between levels of $0.24 and $0.31. However, if the selling pressure continues and the $0.24 is breached, XRP will reach a low of $0.24.

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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