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.
In retrospect, after the last bearish impulse in December 2019, Ripple made its first attempt at the $0.25 resistance on January 18. At that time, the bulls could not sustain the uptrend above $0.25. Neither did the price hold above it. XRP dropped from a high of $0.25 to $0.21 because of a lack of buying power at a higher price level. XRP is back and trading at $0.23. Today, if the $0.24 resistance is breached, a rally above $0.25 is likely.
Ripple is over the zero line of MACD which is a bullish signal. XRP is moving its way to $0.24 to break it. Ripple will remain bullish as long as the MACD line and the signal line are above the zero line.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
In the meantime, Ripple is trading in the resistance zone between $0.235 and $0.24. XRP may likely face resistance at $0.23500. If the uptrend is resisted, XRP may fall to $0.21 low or a range-bound move may prevail. For the past five days, XRP also tested the $0.23500 resistance and it fell. A repeat attempt is being contemplated at $0.23500.This confirms that XRP is lacking buyers at a higher price level.
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.