Ripple Struggles above $0.18, Attempts to Correct Upward

Apr 14, 2020 at 11:36 // News
Author
Coin Idol
XRP market reaches the overbought region

Ripple struggles above $0.18 support after a disappointing rebound. XRP had earlier rebounded on April 6, as the market moved up to $0.20500.

However, at a price of $0.20500, the market reached the overbought region. According to the daily stochastic, price is above 80% range. By default, sellers appeared to push prices down. XRP fell to $0.18 low. Nonetheless, it is unclear whether the support will hold. 

Actually, the price fell to $0.18010 low and it is correcting upward. Possibly an uptrend is likely but Ripple may face initial resistance at $0.1890 and $0.19. Expectantly, if the bulls break the resistance at $0.01890 and $0.19, XRP will rise to break the $0.20 resistance. A successful break will extend the momentum to a high of $0.25.

Ripple Indicator Analysis

Presently, XRP is beneath the 80% range of the daily stochastic. That is, XRP is in bearish momentum. The bears have already emerged as price falls and finds support above $0.18. The selling pressure ought to have been exhausted as the market is correcting upward.

XRP-CoinIdol_(9).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)?

XRP fell to a $0.18010 low and the market corrected up to a $0.18662 high. Meanwhile, as the market continues its upward move, it is likely to face resistance at $0.1890 and $0.19. In addition, the EMAs are horizontally flat indicating that the market is consolidating.

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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