Ripple Uptrend Is Likely After the Downtrend Line Breakout

Jun 02, 2020 at 12:13 // News

Following one week of range-bound movement below the 0.20 resistance, Ripple finally rebounded twice and broke the $0.20 and $0.205 resistances.

The bulls also broke the downtrend line and closed above it. Technically, this indicates a change in trend. The crypto has risen and it is approaching the previous high of $0.215.

Buyers have to challenge the resistance at $0.225 or $0.235 to break it. The bulls will attempt to push  price to the overhead resistance at $0.235. Certainly, buyers are going to face stiff resistance at $0.22 resistance as price pushes upward. On the upside, if the bulls succeed in breaking the resistance at $0.225 and $0.235, XRP will rally above $0.25.

Ripple indicator analysis

As Ripple pushes to the recent highs, XRP is above 79 % range of the daily stochastic. The crypto appears to be approaching the overbought region of the market. Sellers may emerge to push prices down if the coin reaches the overbought region. Ripple is presumed to be in a bullish trend as it breaks the downtrend line.

Ripple Uptrend Is Likely After the Downtrend Line Breakout

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 made an upward move after breaking the resistance at $0.20. The upward move is currently facing resistance at $0.215 resistance zone. The bulls have made two attempts at it but were repelled. In the meantime, the crypto is fluctuating below $0.215 resistance zone.

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.

,

If reproduced, please indicate the source: https://www.uucj.net/ripple-uptrend-is-likely-after-the-downtrend-line-breakout/

Leave a Reply

Your email address will not be published.