Ripple Price Fails to Jump over $0.30 Overhead Resistance Hurdle

Oct 22, 2019 at 11:46 // News
Coin Idol
The XRP/USD pair continues to overhead resistance.

The XRP/USD pair continues to battle the $0.30 overhead resistance. The bearish trend may resume if the price fails to breach the resistance level.

Ripple (XRP) price Long-term Prediction: Bullish

In October, the coin has been creating positive moves to achieve a higher price level. However, the $0.30 price level has been a hurdle to overcome for the past three weeks. On each occasion when the price reaches the $0.29 price level, it will be resisted. These have been the scenarios in the several attempts made by the bulls to breach the resistance level. 

On a positive note, if the bulls overcome the resistance level, the market will rise to the $0.34 supply zone. Nevertheless, XRP may face selling pressure if the bulls fail to overcome the hurdle at the $0.30 overhead resistance level. The resumption of the bearish trend may depreciate the coin to a low of $0.24.

Ripple (XRP) Indicator Reading 

The price has reached the overbought region of the daily stochastic indicator. The market is above the 80% range which means that the price is in a strong bullish momentum. The price is above the EMAs which indicate that the market is in the bullish trend zone.

Ripple price, October 22, 2019

What is the next direction for Ripple (XRP)?

Presently, as the price is over the EMAs, it means that the price is likely to go up. Besides, another attempt will be made by the bulls to retest and possibly break the $0.30 resistance level. The danger comes when the bulls fall short to hold price over the EMAs. Any failure will result in the gradual slide of XRP. Meanwhile, more buyers are needed at the upper price level to sustain XRP at the bullish trend zone.

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

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

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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