Ripple Retraces and Holds above $0.28 Support as Underlying Strength Grows
Aug 22, 2020 at 11:27 //
News
For the past three days, Ripple has remained stable after the coin fell to the $0.28 low. Buyers have held on the current support and pushed XRP to $0.295 high.
Sellers overwhelmingly pushed the coin back to the $0.28 support. Today, XRP is trading above $0.28 support. From the price action, the price is showing some bullish signals. Since the beginning of August, Ripple has been holding above $0.28.
On August 2 and 13, XRP rebounded above $0.28 support but was unable to break the $0.32 resistance. Certainly, Ripple uptrend has resumed as the $0.28 support level hold. A possible retest at the $0.32 is possible as the crypto resumes the upside momentum. The market is likely to continue its fluctuation between $0.28 and $0.31 if the $0.32 resistance remains unbroken. Nonetheless, the momentum will extend to the $0.34 price level if the $0.32 resistance is breached.
Ripple indicator analysis
The 26-day EMA support is holding as the price action shows signs of some bullish signals. The coin is below the 40% range of the daily stochastic. The bearish momentum is subsiding as the price action indicates bullish signals. However, price has broken the 12-day EMA and if it breaks the 26-day EMA, XRP may resume selling pressure.
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?
The price action is indicating bullish signals as XRP resumes the uptrend. As the current support holds above $0.28 and above the 26-day EMA, an upward move is likely. The Fibonacci tool has indicated the target price level at 1.272 extension level or the high of $0.36 if the resistance levels are breached.
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.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow
