Ripple Trades in a Tight Range, Uptrend Likely

May 09, 2020 at 09:05 // News
Coin Idol
Bulls are still itching to break the resistance at $0.22

Ripple has remained above the $0.21000 support for the last four days. The market has been fluctuating below $0.22 resistance.

However, the bulls are still itching to break the minor resistance at $0.22. Today, the bulls push above $0.22, but the resistance was overwhelming. The price is retracing to continue its fluctuation above $0.21.

Suddenly, if the bears break below $0.21 support, XRP will fall to the next support at $0.20500. The market will reach the lows of $0.19500 and $0.17300 if the downturn continues. Alternatively, if the bulls break above $0.22 and price is sustained, Ripple will rally above the resistance zone of $0.23500 and $0.24.

Ripple indicator analysis

Today, Ripple is above the 60% range of the daily stochastic. The stochastic bands are making a U-turn above 60 % range signifying a bullish momentum. In the last downtrend, XRP was below the 60 % range of the indicator. Presently, the price action is indicating a bullish signal.


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 is resuming a fresh uptrend after falling from the $0.23500 overhead resistance. For the past four days, the bulls have failed to break above the $0.22 resistance. There seems to be indecision between buyers and sellers about the direction of the market. Meanwhile, in a couple of days, a breakout above $0.22 or breakdown below $0.21 is likely.

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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