Ripple Rallies to $0.23 High, Faces Rejection at $0.225 Resistance

Jul 28, 2020 at 10:07 // News
Coin Idol
The bulls have two more hurdles to jump over before the coin will regain price acceleration

In its recent uptrend, Ripple breached the resistance at $0.21 as the market reached a high of $0.23.

Before now Ripple has been trading below the $0.21 resistance but unable to push above it. On July 25, the coin rebounded above $0.208 to breach the resistance as price rallied to $0.23. The recent rebound has breached the resistance at $0.21 and $0.215 but faces rejection at $0.225 high. The bulls have two more hurdles to jump over before the coin will regain price acceleration. Buyers will battle sellers at the $0.225 resistance.

Also, the bulls have to breach the overhead resistance at $0.235. Once the overhead resistance is breached, the coin will rally above $0.24 high and the momentum will extend to $0.25 high. In the meantime, XRP is retracing to $0.215 support after being resisted at $0.225 high. Ripple will resume the uptrend if the support at $0.215 holds. The coin will fall if the current support is broken.

Ripple  Indicator Analysis

The crypto is above 80% range of the daily stochastic but the bands are making U-turn downward. It indicates that the arrival of sellers at the overbought region to push prices down. The market will resume an upward move if the price remains above the EMAs.

XRP-CoinIdol (2).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 bulls have continued to breach more resistance levels. The coin will continue to rise as long as buyers sustain bullish momentum above the EMAs. However, if the bears break below the EMAs, it will invalidate the bullish scenario.

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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