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Ripple Struggles above $0.18, Faces Resistance at $0.19500

#OhNoCrypto

Apr 16, 2020 at 16:34 //

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The buying pressure is much above the $0.18 support as price rebounded above it

Today, XRP rebounded at the $0.18 low with the intent of retesting the $0.20500 resistance. Coincidently, on April 6, the market rebounded at the same low.

In the first rebound, buyers were unable to break through $0.20500 resistance. The bulls were repelled after two days of unsuccessful attempts at the resistance. Buyers found it extremely difficult to penetrate the resistance because the market reached the overbought region. 

Sellers emerged to push prices down to the low of $0.18. The $0.18 support has been a strong support as it repelled the bears on three occasions. The buying pressure is much above the $0.18 support as price rebounded above it. After the rebound, the crypto moved up to a high of $0.19500. Nonetheless, the recent high is being resisted. The crypto can rally to $0.22 and extend to $0.24 if $0.20500 resistance is breached.

Ripple (XRP) Indicator Analysis

Ripple has risen to level 52 of the Relative Strength Index because of the recent rebound. This implies that the market is in the uptrend zone and above the centerline 50. The coin rebounded above the support of the ascending channel.

XRP-CoinIdol.png

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

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

What Is the Next Direction for Ripple (XRP)?

The crypto is making a fresh upward move. The present resistance is a historical price level of March 9. The current price is yet to reach the resistance to retest it. At the moment, the market is retracing after testing $0.19500.

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