Ripple (XRP) price analysis on September 24, 2020, on Coinidol.com. Sellers have finally broken the $0.23 support level. This was the price level after the bearish impulse of September 5.
The new breaking of the support level indicates the continuation of the downtrend. The selling pressure has been ongoing after the rejection of the $0.26 resistance. Sellers have pushed the price below $0.24 and now $0.23.
This current price fall is likely to extend to the low of $0.21 which is the next support. Nonetheless, buyers may want to defend this level as further depreciation will weaken the Ripple coin. Meanwhile, Ether is trading at $0.224 at the time of writing. The XRP is likely to rebound if it reaches the 0.21 low. If price bounces, it is a sign that the bull market has resumed.
The price is falling and attempting to break the support line of the descending channel. A break below the support will further cause the coin to fall. Ripple has fallen below the 20% range of the daily stochastic. It indicates that buyers will emerge to push prices up. In other words, the trend is reaching bearish exhaustion.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Certainly, Ripple’s downward move has been confirmed as price breaks below the $0.23 support. On September 5 downtrend, XRP reached the $0.23 low but was resisted. The green candle body tested the 78.6 % Fibonacci retracement level. This gives us the clue that the market will fall and reach the 1.272 Fibonacci extension level or the $0.21 low.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.