Ripple is back in the bullish trend zone after a disappointing fall. It is making another positive move to retest the former price level. This present move is to break $0.2250 resistance and rally above $0.23. The $0.23 resistance had been a knotty price level since November. The bulls have had one opportunity to break it but were repelled in November.
A similar attempt was made in December but the result was disastrous as the coin fell to the low of $0.18. We are optimistic that Ripple will prevail above $0.23. In the absence of that, a sideways move will be a better alternative. In other words, XRP will be fluctuating between $0.20 and $0.22 in case of bull’s failure.
Interestingly, Ripple has gone back to the bullish trend zone. The last time the price bars were above the EMAs was in November 2019. In the bullish trend zone, the price tends to rise in favor of the coin. Therefore, the EMAs are indicating that Ripple will rise. The market is in a bullish momentum above the 60% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Hopefully, Ripple will rise if the coin is sustained above the EMAs. The understanding is that if the coin continues its rise, a break above the $0.23 and $0.24 will take XRP out of the downtrend zone. This is not achievable if the coin is in the bearish trend zone. Traders should note that the appropriate time for a buy order is at $0.20 after the retracement.
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.