Ripple Fails to Rebound, Risks Selling Pressure at $0.17

Dec 21, 2019 at 11:15 // News

In the last two weeks, the bears bravely overwhelmed the bulls as the price dropped from $0.23 to $0.17. Sellers have been consistent in the downward move. Firstly, the bulls were repelled at $0.23.and the coin retraced to $0.21500. A retest at $0.22 pushes the coin down to the low of $0.20. After fluctuation between $0.20 and $0.23, the downtrend resumed and the $0.20 low was breached.


Eventually, XRP drops and finds support at $0.17. The bottom line is that the bulls intend to sustain the price above $0.18. A successful breakout above $0.20 will propel XRP to a high above $0.22. An unsuccessful attempt will result in the bears breaking the $0.17 low. Ripple will depreciate to the $0.15 low if the bears win the price tussle. 


Ripple Indicator Analysis


XRP is trading above the 20% range of the stochastic indicator. That is to say, the coin has commenced a bullish run. The bears reached the $0.17 low, which deepens into critical demand zone.

XRP-CoinIdol_(7).png

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

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

What Is the Next Move for Ripple?


XRP selling pressure has been overdone, suggesting a bull’s presence. XRP stands the chance of moving up if more buyers are introduced at the current price level. This will propel the price to move up and break the $0.20 resistance. Lack of buyers at the current level will give an advantage to the bears to break the $0.17 low. This will depreciate and weaken the coin in the oversold region.


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.