Ripple Reaches the Oversold Region as Buyers may Emerge

Feb 22, 2020 at 12:05 // News
Coin Idol
Ripple Reaches the Oversold Region as Buyers may Emerge

Ripple has continued to fluctuate above the $0.27 support for the past four days. XRP was earlier in the overbought region of the market when the bulls reached a high of $0.34. As a result, Ripple has a sharp drop from its peak price to $0.27 low. Soon after the recent low, XRP rebounded and it reached a high of $0.31.

Unfortunately, the bears are on hand as the $0.31 resistance was well defended. After two unsuccessful retests at $0.31, the price fell to the same support at $0.27. The fluctuation is likely to continue above the current support. The current support has been weakened because of repeated retests. XRP may fall to the low of $0.26 if the bears break below the current support.

Ripple (XRP) Indicator Analysis

Ripple is falling and has gone below the 20% range of the daily stochastic. This means that XRP has fallen to the oversold region of the market. At this moment, the market may have the emergence of buyers to push the coin upward.

XRP-CoinIdol (1).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 (XRP)?

Ripple is ranging above the current support  at $0.27. After the present consolidation, the market will take any direction. Nonetheless, we have been informed that the market has reached the oversold region. This means that selling has been overdone and buyers are likely to emerge in the market. Interestingly, traders should look out for buy setups and set your parameters for long trades.                              

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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