Ripple Settles above $0.21 Support, Fails to Rise above $0.23500 Resistance

May 07, 2020 at 09:50 // News
Coin Idol
Buyers have failed to push Ripple prices above the overbought region

Since Ripple traded and reached the overbought region of $0.23500 and its subsequent fall, XRP has settled above $0.21 price level. Buyers have failed to push prices above the overbought region.

All the upward moves were repelled by the bears. Firstly, at the $0.23500 resistance, buyers were repelled as XRP found support above $0.21000. Another move to the $0.22500 resistance resulted in Ripple to drop to $0.21000 support.  

At $0.22000 resistance, the market also falls to $0.21000 support. Nonetheless, besides all these minor resistances, if buyers scale above $0.23500 and $0.24000 resistances, Ripple will rise to $0.28000 high. Conversely, if the resistances remain unbroken, Ripple will continue its range-bound movement. 

Ripple indicator analysis

Ripple reached level 71 of the RSI when the crypto reached the overbought region. The appearance of sellers pushed XRP downward. The RSI has dropped to level `59 indicating that XRP is still in the uptrend zone. Meanwhile, the price action has shown some bullish signals indicating an uptrend.


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?

Ripple’s uptrend is doubtful as it lacks buyers at higher levels. The earlier moves by the bulls have been frustrated by the bears. The market is likely to continue fluctuations until bulls possess buying ability at higher levels. Presently, Ripple is rising above $0.21 support to retest the resistance levels.

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.

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