Ripple

The bulls are yet to trade above the $0.2879 overhead resistance. XRP formed a bearish double top pattern while attempting to break the overhead resistance. The pattern is showing a downward movement of Ripple. Each time the bulls test the resistance, the price will fall exactly to $0.27040 low. One important thing to note is that a break above $0.28 resistance will push XRP over $0.31.

Excitedly, the bulls rallied above $0.28 but pulled back after resistance. The bears pulled back to the low of $0.27 and resumed the uptrend. A repeat of the previous momentum is possible. Probably, if the bulls can pick up momentum and push the price above $0.28, XRP will rally above $0.30.

Ripple continues its positive moves according to market sentiment. In the previous analysis, it was indicated that Ripple would rally above $0.30, once the $0.24 resistance was broken. Expectantly, it was broken and the price rose to $0.26 but a downward correction was made to the low of $0.24500. Frankly, at the low of $0.24500, Ripple rebounded and the price has risen to $0.28 at the time of writing.

Interestingly, the bulls finally broke the knotty resistance at $0.24 and advanced upward. Unfortunately, the upward move was not all-encompassing as the coin retraced back to the support at $0.24. Some analysts were of the view that if the $0.24 resistance was broken, the coin would rally above $0.25. More so, the subsequent move will extend to $0.30.

In the last three days of January, Ripple has consistently surged forward to a higher price level but the coin seems to be unstable. The coin pushed upward to the $0.24 price level on the 29th and 30th of January but declined each time to the $0.23500 low. This is the buyers’ inability to sustain at a higher price level. Our position on Ripple is simple.

Recently, Ripple broke above the resistance at $0.24 which re-energized the hopes of analysts. It was anticipated that a break above $0.24 will cause the coin to rally above $0.25. Suddenly, the price retraced and found support above $0.23.Similarly, On January 19, Ripple attained a high of $0.25, but selling pressure made the coin fall to the low of $0.22.

This week has been a bullish trading period for most of the popular cryptocurrencies across the world including all the ten leading altcoins by market cap such as Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP). The spread of the deadly coronavirus (CoV) in some parts of the world may be a cause of this Bitcoin breakout.

XRP is bouncing at the $0.21 low, after a disappointing fall from $0.25 on January 19. Buyers have steadily moved the price to $0.23. In the same vein, if the bulls pick up the same momentum and push the price over $0.23, a rally above $0.25 is probable. Aggressive buyers can extend the momentum to $0.31.

Unexpectedly, XRP dropped from $0.23 to $0.21 shortly after the bulls failed to defend the critical support. In the previous week, XRP has been ranging over $0.23 because of the inability of bulls to sustain above $0.25. Now the coin has fallen to $0.21again because of a lack of buyers at the critical support. It is doubtful if the current fall has ended. The market is still on a downward move.