Ripple

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.

Ripple made an unexpected move above the overhead resistance at $0.23. Unfortunately, the bulls failed to hold the price at that level as the coin slumped to the low of $0.22. Sellers are still having the upper hand over buyers. Buyers made their way to the $0.24 price level but were pushed down to the low of $0.22. In a nutshell, XRP will need more buyers at the upper price level.

Ripple has repeatedly continued to fluctuate between $0.21 and $0.2250. The price movement has remained constant within the current price range because of the XRP's lack of buyers at a higher price level. This lack of buyers is a major constraint for Ripple. The price movement will not perform any magic until more buyers are introduced into the market.

Ripple is back in the bullish trend zone after a disappointing fall. It is making another positive move to retest the former price level. This present move is to break $0.2250 resistance and rally above $0.23. The $0.23 resistance had been a knotty price level since November. The bulls have had one opportunity to break it but were repelled in November.

Surprisingly, Ripple has fallen to a low of $0.20; notwithstanding its earlier rally to $0.22. It is a fact that Ripple had been trading between $0.18 and $0.20 since December 17. The sharp upward move was presumed to be a positive move to take the coin out of the downtrend.

About 24 hours ago, the bulls took a bold step and broke the  $0.20 resistance. XRP jumped to a high of $0.2250 and was halted. Our earlier estimation was that XRP will rise above the $0.23 price level.

Fluctuation has continued unabated as the resistance at $0.20 becomes unyielding. In the last 48 hours, the bulls were repelled at $0.19500 as the coin dropped to the low of $0.18500. It is a fact that the coin fluctuates between $0.18 and $0.20 but the bulls no longer penetrate above $0.19500 resistance. The bears no longer give the bulls’ space to move upward to the overhead resistance.

Ripple price movement has remained stationary over the last three days. Presently, the market is relatively stable between the levels of $0.18 and $0.20. The price has remained above $0.19 for the past one week. This is largely credited to the reduced selling pressure on the coin. In that case, the bulls may have a slim advantage over the bears.

Ripple is moving up while trading in the $0.17 to $0.20 range. The bulls have consistently tested the $0.20 price level for the fifth time but are unable to break it. On each unsuccessful attempt, the market retraces and falls to the $0.18 support. One cogent reason for bulls’ inability to penetrate the $0.20 price level is because of a lack of demand at higher price levels.