Ripple Retracement Stable, Larger Move Likely

Jul 18, 2020 at 08:56 // News
Coin Idol
Ripple upward move was not strong enough to break the $0.21 resistance

Ripple is making positive moves after its recent rebound above the $0.19 support. The coin rebounded twice to reach the $0.207 high.

The upward move was not strong enough to break the $0.21 resistance. Besides, the coin reached the overbought region of the market. The recent retracement of the coin was the handiwork of sellers who pushed prices down from the overbought region. 

Fortunately, the price is above the EMAs which suggest that XRP will move up again to the previous highs. On the upside, a rebound above the EMAs will propel price to break the resistance at $0.205 and $0.21. The momentum will extend to retest the $0.215 resistance. However, if XRP fails to move up, the coin will be range-bound between $0.195 and $0.205. The crypto is trading at $0.195 at the time of writing.

Ripple indicator analysis

Ripple has the opportunity of rising if the price remains above the EMAs. The current bearish momentum of the coin has subsided as price action indicates bullish signals. Nonetheless, the bulls must sustain the price above the EMAs to avoid depreciation of the coin.

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?

After the recent rebound, Ripple is likely to make a similar rebound if the current price level remains the same. At the same time, the bears will exhaust the current downward move. Presently, the price action is indicating a bullish signal. A break above $0.20 will accelerate price movement to the recent highs.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.

Show comments(0 comments)