The Ripple cryptocurrency (XRP) is presumed to have reversed as its price rebounds recently at the bottom. Previously, the world cryptocurrency market was making a series of lower highs and lower lows. Today, October 10, 2019, XRP's price is attempting to break the $0.29 and $0.32 supply zones.
The XRP coin has to overcome the resistance levels at the $0.29 and $0.32 price levels before the bullish trend is said to be sustained. However, if more buyers fail to come in at the higher price level, the bullish trend may not be sustained. That means that, the price will retest these levels and revert to the original trend.
According to the Fibonacci tool, the XRP price corrected upward and the candlestick body tested the 0.786 retracement level. This gives us the clue that the market is likely to reverse at the 1.272 Fibonacci extension level. From the price action, the price has reversed after testing the low of 1.272 Fibonacci extension level. The market is over the 80% series of the stochastic indicator. This explains that the price is in a bullish drive.
The XRP/USD pair is in an optimistic move which incidentally means the downtrend is likely over. The coin has made a positive move in recent times as price made attempts to breach the downtrend line.
The market is above the exponential moving averages as price breaks through the previous high. Given this, the coin is likely to rise, if the price breaks the downtrend line and the candlestick closes above it. Similarly, the optimistic move can be sustained if more buyers are introduced at the demand zones.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.