Ripple Price Analysis: XRP Finds Support at $0.19 After Price Rejection – Coinfomania

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Key Highlights

  • Ripple (XRP) trades in a range of $0.17 and $0.20
  • There are prospects of XRP rising after a bullish breakout

Ripple (XRP) Current Statistics

  • The current price: $0.19
  • Market Capitalization: $8,373,783,141
  • Trading Volume: $1,145,005,908
  • Major supply zones: $0.20, $0.23, $0.26
  • Major demand zones: $0.18, $0.15, $0.12

Ripple (XRP) Price Analysis December 31, 2019

On December 30, the bulls made another unsuccessful attempt to break the $0.20 price level. This was not the first time Ripple (XRP) will face rejection at $0.20. Presently, the coin has retraced and found support at $0.19. Nevertheless, the price is fluctuating above $0.19 but the coin trades in a range of $0.17 and $0.20. On the upside, if the current support holds, XRP is likely to rise again and retest the $0.20 price level.

With concerted efforts, if the bulls manage to push the coins above $0.20, XRP will rally above $0.23. The cryptocurrency will then continue with its bullish move. Alternatively, if the bears sink the price below the current low it is an indication that the price may range for a few more days. However, if the bears break below $0.17, it indicates that the downtrend will resume.

XRP

XRP Technical Indicators Reading

XRP is making a positive move as the price bars is above the 12-day EMA. Another move above the 26-day EMA will catapult the coin in the bullish trend zone. The cryptocurrency will be in a position to resume its bullish move. The MACD line and the signal line are below the zero line which indicates that XRP is a sell signal. The blue and red bands of MACD are horizontally flat indicating that price is ranging.

Conclusion

The bulls have made concerted efforts to move up from the bottom of the chart. Traders should be on the lookout and check if the current support holds, then it will be a good opportunity to initiate long orders. A stop-loss order should be placed at $0.17. Meanwhile, all the indicators are still showing bearish signals except the Fibonacci tool. The Fibonacci tool indicates that a bull candle body tested the 0.786 retracement level. On that note, it becomes imperative for the coin to reverse at the 1.272 extension level; or equivalent at $0.20.

Chart: Tradingview.com

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Read original at Coinfomania
Author: Mustapha Azeez

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