Ripple Ranges Ahead of a Possible Breakout

Mar 07, 2020 at 10:44 // News
Coin Idol
Ripple ranges ahead of a possible breakout

There seems to have been no major price movement in the last 48 hours. Another constraint is the absence of buyers in the oversold region of the market. Ripple has remained in the oversold region since February 26 without the appearance of  bulls. As a result, XRP has remained in consolidation between $0.23 and $0.24 without price change.

On the upside, if the bulls can break out of the current consolidation and push over $0.25, the XRP will reach a high of $0.26. Conversely, the XRP will remain in consolidation if the bulls fail to break out of consolidation. Moreover, the bulls will face stiffer resistance at the $0.25 price level.

Ripple (XRP) Indicator Analysis

XRP has remained in the oversold region but the stochastic bands are above the 20% range. This indicates that the market is in bullish momentum. Meanwhile, if the bulls fully emerge at the oversold region, Ripple will rise and reach the previous high of $0.34. Meanwhile, the price is still below the EMAs indicating that the Ripple is in the downtrend zone.

XRP-CoinIdol (3).png

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

Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Direction for Ripple (XRP)?

Ripple is still in consolidation within the confined range. However, the downward correction is over. It is doubtful for XRP to face any selling pressure as it is in the oversold region awaiting the appearance of bulls. On a positive note, if the bulls appear, the market will be in an upward move.

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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