Ripple Holds above $0.195, Resumes Upside Correction

Jul 14, 2020 at 10:16 // News
Coin Idol
XRP  dropped below the $0.20 support

Ripple is now consolidating above $0.195 support but below $0.205 resistance. This is because of its recent rejection at the $0.21 resistance.

For the past 48 hours, the price movement has remained the same as the market continues its fluctuation. After its rejection, the price corrected upward to retest the $0.205 resistance but XRP further dropped below the $0.20 support. 

In the meantime, the coin is consolidating above $0.195 support. As the market continues its consolidation, another breakout is possible. A strong bounce above $0.195 support will break the resistance at $0.21. The momentum will extend to retest the $0.235 overhead resistance. Conversely, if the bears turn around and break the $0.195 support, the market will drop to $0.185 low.

Ripple (XRP) Indicator Analysis

After the recent downward move, XRP has found support above the 12-day EMA and the 26-day EMA. Ripple will rise if the current support above the EMA holds. A downward movement of the coin will ensue if price breaks below the EMAs. Ripple is below 80 % range of the daily stochastic. It indicates that the market is in a bearish momentum but the momentum has subsided.

XRP-CoinIdol (1).png

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Move for Ripple (XRP)?

Ripple is still consolidating above $0.195 support. The coin will indicate weakness if the current support is broken. A strong defense of the current support will indicate that the uptrend is intact. There is the possibility of breaking the $0.235 overhead resistance, if the $0.21 resistance is breached.

Disclaimer. This analysis and forecast are the personal opinions of the author 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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