Ripple Ends 2020 Range-Bound While Showing Unclear Price Prospects for 2021
In March the candlestick has a long tail. The long tail indicates that the coin has a strong buying pressure at a lower price level. The bulls bought the dips in April as the coin rebounded to the high of $0.23. Unfortunately, the price ding dong continues as the bears came in May and June to push the prices to $0.169 low.
The crypto resumed the upside momentum in July as the coin rallied to $0.26. The recent high provided stiff resistance before it was eventually broken. In August, XRP traded to the high of $0.32 but could not continue with the uptrend. The crypto suffered bearish consequences in September and October as it slumped to $0.22 low. In November, the bulls bought the dips as crypto rallied to $0.78 high. Ripple has reached its peak price but is currently facing rejection at the recent high.
Key Resistance Zones: $0.65, $0.70, $0.75
Key Support Zones: $0.25, $0.20, $0.15
Ripple monthly chart indicator reading
Since 2018, Ripple has been in a bear market. The bulls broke the resistance line in November as the coin rallied to $0.78 high. When price breaks the resistance line and closes above it, it is assumed that the previous trend has been terminated. In 2020, Ripple is likely to appreciate above $1.
Ripple weekly chart indicator reading
The bearish trend reached its lowest point in March at a low of $0.11. The bear market was terminated in November. Meanwhile, a retraced red candle body tested the 50% Fibonacci retracement level. The retracement gives the impression that the crypto will rise to 2.0 Fibonacci extension or the high of $0.484. However, from the price action, the coin rallied to $0.78 high.
Conclusion
Ripple had been in a bear market after the breakdown in 2018. The coin has fallen from a $3.30 high to $0.17 in December 2019. However, because of its poor performance and its inconsistency in price movement, analysts believe that Ripple will be worth $0.95 by the end of 2021. Approximately, XRP will be worth almost $1.
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.