Ripple in a Tight Range for a Possible Breakout

Mar 24, 2020 at 13:09 // News
Author
Coin Idol
Ripple can possibly make a breakdown

Ripple has ranged at the bottom of the chart for the past two weeks. It is unlikely the selling pressure will continue.

At the breakdown of $0.12, XRP reached the oversold region of the market. Subsequently, the emergence of bulls aided to push the coin to a high of $0.16. Ripple is still trading above $0.16 at the time of writing. 

At the moment, the market is fluctuating between the levels of $0.12 and $0.17. The pair will make an upward move if the bulls succeed in breaking $0.17 overhead resistance. Unfortunately, the upward move is doubtful as the bears tend to mount stiff opposition at the $0.17 resistance. In other words, Ripple may continue it's a range-bound move for a few more days.

Ripple (XRP) indicator analysis

Ripple is currently in a descending channel. An upward move is possible if price breaks and closes above the resistance line. Meanwhile, Ripple is rising as it is above the 40% range of the daily stochastic; indicating that it is in bullish momentum.

XRP-CoinIdol.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)?

The pair is consolidating between the levels of $0.12 and $0.17. The stochastic indicates an upward movement of the coin. Nonetheless, bullish momentum seems to be weak in the view of the prevailing bear market. In a few days to come, XRP may encounter a price breakdown or breakout as the market continues its consolidation.

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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