Ripple Rises but has One More Hurdle Before an Uptrend

Jan 18, 2020 at 12:40 // News
Author
Coin Idol
Bulls made another attempt at the $0.24 resistance but were repelled

In the last 24 hours, the bulls made another attempt at the $0.24 resistance but were repelled. The coin found support at $0.23. In the first effort, the bulls were also repelled but the coin dropped to the low of $0.22. The bottom line is that if the bulls break the $0.24 resistance, Ripple will rise and reach the $0.30 and $0.31 price levels.

Nonetheless, Ripple is fluctuating below the resistance but above the $0.23 support. Unfortunately, if the $0.23 support cracks, the coin will drop to the low of $0.22. On the other hand, a breakout of $0.24 will signal the resumption of an uptrend. The coin will make a gradual move to the target price where the rally failed to reach. Meanwhile, XRP needs more buyers at a higher price level in order to propel it to move upwards.

Ripple (XRP) Indicator Analysis

The MACD line and the signal line are above the zero line. This gives us the impression that Ripple is a buy signal. Ripple price bars are above the EMAs which gives us the strongest indication of a buy signal. The EMAs are pointing northward indicating the uptrend. 

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 (XRP)?

Ripple moves an inch closer to breaking the $0.24 resistance. A breakout at $0.24 will give passage to Ripple to make an upward movement. Presently, the coin is still fluctuating below $0.24 resistance but finds support above the EMAs. This implies that the bulls will retest the resistance from time to time until a breakout occurs. Ripple stands the chance of having an opportunity to uptrend movement once the bulls have an upper hand above $0.24. 

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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