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Ripple (XRP) starting to dip, possibly finding support at $0.18

Written by  Jun 27, 2020

Ripple has consistently made a downward move since 30th April. The selling pressure from the high of $0.23500 has dropped to $0.183 low.

The bottom line is that Ripple lacks buyers at higher levels. The crypto was relatively stable when it was range-bound between $0.185 and $0.195 for over two weeks. Recently, the bears broke the 0.185 support as price fell to $0.18 low. Buyers responded promptly to correct upward but the $0.185 support now becomes resistance.

The current price is now trapped between $0.18 and $0.185 price levels. In other words, XRP is trading at $0.183 at the time of writing. On the upside, a strong bounce at the current support will propel the price to break the resistance at $0.185 but will face stiff resistance at $0.19. However, if the bears break the $0.18 support, XRP will further depreciate.

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The price bars are still below the EMAs which indicates a further downward movement of the coin. Meanwhile, XRP has fallen to the oversold region of the market. The coin is below the 20% range of the daily stochastic. It indicates that buyers are likely to emerge to push prices upward. That is the $0.18 support is likely to hold as price moves up.

ripple 27 june

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 has not been able to move up since 30th April. The price bars are below the 12-day EMA and the 26-day EMA. The upward move of the coin becomes impossible as the price bars are below the EMAs. Buyers are to be introduced at the current support to buy from the dips. This will propel prices to move up. Otherwise, the downward move will continue.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

What do you think? Comment below or follow us on Facebook or Twitter.

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 Cryptosavvy.co.uk. Readers should do their own research before investing funds.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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