Ripple Faces Rejection at $0.2350 Resistance, Consolidates Above $0.21 Support

Fibo Quantum

May 02, 2020 at 09:49 // News

Today, Ripple is trading above $0.21 after an impressive rally to the $0.23500 resistance. Buyers could not sustain the upward move and besides the market reached the overbought region.


XRP made a sharp drop from its recent high to $0.21 support. Presently, the coin has commenced fluctuation between $0.21 and $0.23500. The crypto is making positive progress by trading above the previous price level of $0.20500. 


In its attempt to move up, it is facing a minor resistance at $0.22500. In the near term, a rebound above $0.21 support will propel price to break through the resistances of $0.22500 and $0.23500. XRP will rise and reach the high $0.24. The momentum will extend to the high of $0.28 if the bulls are successful over resistances. On the contrary, XRP will fall below $0.21 support, if buyers face rejection at $0.23500. 


Ripple Indicator Analysis


Ripple, is currently below the 80% range of the daily stochastic. It indicates that the market has bearish momentum. Meanwhile, the price action indicates otherwise as there are bullish signals. The market will resume uptrend if price breaks and closes above the resistance line.


XRP-CoinIdol_(16).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)?


Ripple is likely to attempt to break the resistance at $0.23500 if the price is sustained above the $0.21 support. The coin will resume a range-bound movement if buyers fail to breach $0.23500 resistance. The bears can break the $0.21 support and price can drop to $0.20500.


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.