Ripple (XRP) has been trading below $0.20 resistance for three weeks after its failed attempt to break the resistance. The bulls made two unsuccessful attempts to break the resistance. In the previous attempts, the bulls face selling pressure at $0.20500 to push the crypto downward. The cryptocurrency is currently trading above $0.20500 resistance after a rebound. A breakout above $0,20500 resistance level will compel Ripple to resume the uptrend.
This will propel the crypto to reach the highs of $0.22 and $0.24. XRP will continue its upward move if the bulls are successful above the resistances. Conversely, the coin will continue its sideways move below the resistance, if the bulls fail to breach the resistance levels. The danger of further depreciation of the coin is rife. Strong selling pressure at the $0.20500 resistance will push the coin to the low of $0.18.
Ripple XRP trades above $0.205
On the daily chart, today, the cryptocurrency is in an uptrend. The bulls have succeeded in breaking the resistances at $0.195, $0.20, and $0.20500 price levels. XRP is rebounding at the low of $0.194, if the bulls are successful above $0.20500 resistance, the coin will resume a new uptrend. Equally, the market will reach the overbought region where sellers may emerge. Therefore, the uptrend may have an interruption. It is also worthy to know that sometimes in a trending market, the oversold or overbought conditions may not hold.
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
The coin is above 80% range of the daily stochastic. Presently, XRP is approaching the overbought region of the market. The crypto will be overwhelmed with the presence of sellers. The price bars are above the 26-day EMA and the 12-day EMA, indicating that the market is rising.
The Relative Strength Index (RSI) Indicator
Ripple has risen to level 74 of the Relative Strength index. The altcoin has also reached the overbought region. Sellers may emerge to interrupt the uptrend. XRP is in the uptrend zone and above the centerline 50. The EMAs are sloping upward indicating the uptrend.
