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Ripple Faces Stiff Resistance, A Retest above $0.22 Likely

#OhNoCrypto

Jan 09, 2020 at 13:12 //

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Ripple has fallen to the low of $0.20

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.

However, the recent fall has put one on his toes. The coin has continued its downward move three days ago without a respite. There are fears that if the $0.20 support cracks, XRP may drop to the low of $0.18. Hopefully, if the current support holds, a retest at the $0.22 resistance is possible. Ripple may rally above $0.23 if the bulls are successful.

Ripple (XRP) Indicator Analysis

The market fell to the support above the EMAs. This may mean that the support may hold and the upward move will resume. On the other hand, sellers may break below the EMAs and the downward move may resume. The RSI has dropped to level 52 because of price fall. XRP is still expected to rise.

XRP-CoinIdol_(15).png

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What Is the Next Move for Ripple (XRP)?

The bottom line is that the EMAs will determine the direction of Ripple. As the price is above the EMAs, there is a likelihood that the market will rise. Conversely, if the price falls below the EMAs, XRP will continue its fall. The current status of the coin is an upward move.

 Disclaimer. This analysis and forecast are the personal opinions of the author 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.



OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow