For the past week, Ripple (XRP) has been battling the resistance at $0.20500. This compelled the coin to trade below the resistance for three weeks. On April 28, XRP rebounded at $0.196 low and broke through the $0.20500 resistance. The momentum extended to $0.23500 high.
Unfortunately, the bulls could not sustain the uptrend. The reason is that price reached the overbought region. This resulted in the emergence of sellers to push prices downward. The market fell and found support at $0.21000. Ripple made positive moves for trading above the previous resistance. Nonetheless, the bulls made another attempt to retest the $0.23500 resistance.
XRP/USD 4 Hour Chart
The bulls’ second attempt to retest the $0.23500 resistance was interrupted at $0.22500 resistance. The subsequent upward moves were below $0.22500 resistance. On the downside, if the bulls fail to push price above the resistance, XRP will fall to the $0.21000 support. A further downward move will occur to $0.20500 low if the $0.21000 support cracks.
XRP faces rejection at $0.22500
On the daily chart, Ripple rebounded at $0.196 low as the price rose to a high of $0.23500. XRP is said to be in the overbought region of the market. The bears were on hand as the selling pressure push the coin downward. The market fell to $0.21 support. Presently, the market is falling and approaching the $0.21 support. On the upside, if the $0.21 support holds and the market rebounds; the price is likely to break the $0.22500 and $0.23500 resistances.
Key Levels to Watch
- Key Resistance Zones: $0.35, $0.40, $0.45
- Key Support Zones: $0.25, $0.20, $0.15
The Stochastic Indicator
XRP is presently falling and approaching the 12-day EMA support. Ripple’s bulls will resume uptrend if the support holds. The coin is below 80% range of the daily stochastic. The cryptocurrency is in a bearish momentum. The price bars are above the 26-day EMA and the 12-day EMA, indicating that the market is in the bullish trend zone.
The Relative Strength Index (RSI) Indicator
Ripple has fallen to level 47 of the Relative Strength index. This indicates that Ripple is in the downtrend zone and below the centerline 50. Ripple may continue the downward move.