Ripple (XRP) price analysis, October 20, 2020.
Since October 14, Ripple's price level has remained the same above $0.24. In other words, the market has been fluctuating between $0.24 and $0.25. The bulls and bears have failed to break these key levels of the market.
Ripple trading activities have been range-bound in October. For example, buyers failed on two occasions to push XRP above the $0.25 resistance in the last 48 hours. The price has fallen back to the range-bound zone.
XRP price would have risen above $0.26 if the bulls break the $0.25 resistance. The coin will also be in the bullish trend zone. Today, the market has fallen to $0.24200 low at the time of writing. When price falls to such lows the upward move will resume. This has been the market scenario in the last three weeks. Buyers have been consistently defending the $0.24 and $0.239 support levels.
Ripple is trading at level 49 of the Relative Strength Index period 14. This shows that there is a balance between supply and demand. The price bars of Ripple are below the SMAs. The upward move of the coin is doubtful because the price is in the bearish trend zone.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Presently, Ripple is fluctuating between $0.24 and $0.25. The Fibonacci tool has indicated that XRP is likely to rise. On October 20 uptrend; the retraced candle body tested the 61.8% Fibonacci retracement level. This retracement indicates that the market will rise to the 1.618 Fibonacci extension level.
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.