Materials by tag Ripple

Interestingly, the bulls finally broke the knotty resistance at $0.24 and advanced upward. Unfortunately, the upward move was not all-encompassing as the coin retraced back to the support at $0.24. Some analysts were of the view that if the $0.24 resistance was broken, the coin would rally above $0.25. More so, the subsequent move will extend to $0.30.

In the last three days of January, Ripple has consistently surged forward to a higher price level but the coin seems to be unstable. The coin pushed upward to the $0.24 price level on the 29th and 30th of January but declined each time to the $0.23500 low. This is the buyers’ inability to sustain at a higher price level. Our position on Ripple is simple.

Recently, Ripple broke above the resistance at $0.24 which re-energized the hopes of analysts. It was anticipated that a break above $0.24 will cause the coin to rally above $0.25. Suddenly, the price retraced and found support above $0.23.Similarly, On January 19, Ripple attained a high of $0.25, but selling pressure made the coin fall to the low of $0.22.

XRP is bouncing at the $0.21 low, after a disappointing fall from $0.25 on January 19. Buyers have steadily moved the price to $0.23. In the same vein, if the bulls pick up the same momentum and push the price over $0.23, a rally above $0.25 is probable. Aggressive buyers can extend the momentum to $0.31.

Unexpectedly, XRP dropped from $0.23 to $0.21 shortly after the bulls failed to defend the critical support. In the previous week, XRP has been ranging over $0.23 because of the inability of bulls to sustain above $0.25. Now the coin has fallen to $0.21again because of a lack of buyers at the critical support. It is doubtful if the current fall has ended. The market is still on a downward move.

Surprisingly, XRP appears to be ranging above the $0.23 price level for the past five days. This is a sequel to its failure to break above the $0.25 on January 19.

Relatively, Ripple has been stable above $0.23 since January 14. However, its further appreciation to the high of $0.25 was quite encouraging in the last 48 hours. Surprisingly, Ripple crashed to the $0.23 support level. The bulls could not sustain the price at the upper price level because of selling pressure. There seems to be more sellers than buyers at the upper price level.

In the last 24 hours, the bulls made another attempt at the $0.24 resistance but were repelled. The coin found support at $0.23. In the first effort, the bulls were also repelled but the coin dropped to the low of $0.22. The bottom line is that if the bulls break the $0.24 resistance, Ripple will rise and reach the $0.30 and $0.31 price levels.

All those beginners who want to invest in cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), in 2020, have a couple of tasks ahead of them.