Ripple Rallies Sharply, yet to Break Key Resistance

Jan 07, 2020 at 11:10 // News
Author
Coin Idol
Bulls took a bold step and broke the $0.20 resistance

About 24 hours ago, the bulls took a bold step and broke the  $0.20 resistance. XRP jumped to a high of $0.2250 and was halted. Our earlier estimation was that XRP will rise above the $0.23 price level.

It is expected that XRP will move up after retracement. It is doubtful whether the upward move may be hampered if the retracement drops beneath  $0.21, The coin may drop to a low of $0.18. A successful move above $0.23 will compel XRP to reach a high of $0.25. The bears may have been weakened with the current move. The bulls should take the initiative and break above the necessary highs.

Ripple (XRP) Indicator Analysis

With the price jump of yesterday, XRP is also approaching the overbought area of daily stochastic. XRP price bars are above the EMAs, which indicates that Ripple may begin to rise. Meanwhile, the price should be sustained above EMAs for Ripple's continuous move.

XRP-CoinIdol_(14).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)?

Expectantly, XRP has shown signs of a bullish move. It is anticipated that if the market holds above $0.21,  XRP will continue its rise. However, if the bears break beneath $0.21, the coin will quickly fall to a low of $0.18. This will indicate negatively as the range-bound movement may resume. Traders should wait for price retracement to complete before taking initiates.

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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