Ripple Turns Down From $0.22500 Resistance, Sellers Threaten to Short

May 05, 2020 at 11:17 // News
Coin Idol
Bulls are aggressively defending Ripple support level

Despite its sharp drop to $0.21, the bulls are aggressively defending the current support. Recently, Ripple’s bulls made another attempt at $0.23500 resistance, but the upward move was repelled at $0.22500.

The market fell to $0.21 support and resumed its fluctuations. The main target of Ripple is the $0.24 overhead resistance. 

The coin has earlier rebounded above $0.19 to reach a high of $0.23500. Similarly, a rebound above $0.21 support will break through the resistances of $0.22500 and $0.23500. The momentum will extend to $0.24 resistance if the bulls are successful. More so, a break above $0.24 resistance will give easy passage for XRP to reach a high of $0.28.

Ripple indicator analysis

The stochastic indicator was in the overbought region when the market reached a high of $0.23500. With the emergence of sellers, Ripple dropped to $0.21. The crypto is now in a bullish momentum and it is above 60% range of the daily stochastic.


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 fluctuating between $0.21 and $0.22500 as it faces minor resistance at $0.22500. The coin is showing some bearish signals. It is currently trading below the EMAs which indicate that XRP is likely to fall below $0.21 support. A drop to $0.20500 support is possible. 

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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