Ripple Faces Strong Rejection at $0.20500 Resistance as Bears Threaten to Short
May 19, 2020 at 11:12 // News
The concerted efforts made by the bulls to push above the $0.20500 resistance have failed after a second attempt. The bears are strongly defending the $0.20500 resistance.
More so, there is a lack of buying power at a higher price level by the bulls. Each time the bulls attempt to sustain the price above $0.20500 resistance, there will be resistance and a further downward move of price. The bottom line is that if the bulls succeed in breaking above the $0.20500 resistance, a rally above $0.22 expected. The momentum will extend to a $0.23 price level. Conversely, Ripple will continue to trade below the resistance except a rebound or breakout occurs. Today, Ripple is falling after testing the overhead resistance.
Ripple indicator analysis
The crypto is still overwhelmed below $0.20500 resistance. XRP is above the 40 % range of the daily stochastic. This implies that Ripple is in a bullish momentum but it is contrary to the recent downward movement of the coin. The price is below the EMAs, this also explains XRP’s downward move.
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?
Ripple bulls lack strong buying power at higher price levels. Added to this is the low volatility of the market. The crypto risks further downward move if the current support at $0.19500 cracks. Eventually, the XRP price will drop to $0.17500 or $0.18 low.
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.
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