Ripple Selloff May Lead to Bearish Impulse of $0.17

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May 12, 2020 at 11:10 // News

There are indications that Ripple downtrend will continue

For the past week, Ripple has been trading above $0.21. There was a major selloff last Saturday as the bears broke the next support at $0.020500 and slumped to $0.17501 low. The bulls managed to push price to $0.20 resistance.


However, the coin faces another selling pressure as it dropped to $0.1920 support. There are indications that the downtrend will continue, as the price action is showing bearish signals. 


Nonetheless, after the breakdown, the bulls made attempts to correct upside but were repelled. Presently, XRP is above $0.1920 support. Incidentally, this was the support where the price was consolidating before its eventual rebound to the high of $0.23500. Today, a downward move is expected. After the $0.1920 support, the market may reach the lows of $0.18 and $0.17.


Ripple indicator analysis


In last Saturday’s selloff, the bears broke the support line of the ascending channel. When price breaks the support line and closes below it; the implication is that the selling pressure will continue. Ripple has also fallen to level 42 of the RSI period. It means that it is in the downtrend zone.


XRP-CoinIdol_(20).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 back in a downward move after the recent breakdown. The bulls failed to break above the $0.20 resistance. It is now trading above $0.1920 support. XRP may rebound if the support holds as it was in the previous case. However, Ripple may likely fall as the price is below the EMAs. 


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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