Ripple is stuck above $0.23 support as the market continues its consolidation. Since February 26, the bears made a downward move to a low of $0.23. The market has been on a continuous consolidation without any significant price movement. Certainly, one important thing to note is that Ripple will resume an upward move after the end of consolidation.
It becomes clear as XRP is in the oversold region of the market. It is worthy to note that selling pressure may have been exhausted. What remains is the emergence of buyers in the oversold region. However, consolidation may continue if the bulls fail to emerge on time.
Ripple has deepened into the oversold region. XRP is below 10% of the daily stochastic. The market is said to be in a strong bearish momentum. With the arrival of the bulls, Ripple will be in a bullish momentum. Also, the upward move will resume.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple is in a range-bound movement. The market is consolidating above $0.23 as buyers and bulls are undecided about the direction of the market. According to the stochastic indicator, Ripple will soon resume an upward move if buyers emerge.
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.