After the recent rebound, XRP now trades below the $0.195 resistance but above the $0.185 support. Buyers are finding penetration difficulty at the minor resistance of $0.195.
The market continues its consolidation above the current support in preparation for the next move of Ripple. The market is currently consolidating above $0.1905 which is a historical price level of December.
In retrospect, the price action in December consolidated for over a week before a rebound occurred. On the upside, a rebound will propel XRP to rally above $0.195 and $0.205 resistances. The momentum will extend to $0.25 high. Conversely, if the bears turn around to break the $0.18 support, XRP will drop to $0.16 or $0.15 low.
Ripple was earlier on a downward move after it was overbought at $0.205. The selling pressure has been exhausted as there are some bullish signals. In the meantime, XRP is above the 40% range of the daily stochastic. Ripple has bullish momentum.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple is currently trading at $0.18956 and it is well supported above $0.18. Buyers have two hurdles to jump over before resumption of the uptrend. The bulls are battling the hurdles at $0.195 and $0.205 to jump over. A successful jump will take Ripple out of the downtrend and resume the uptrend. However, if the bulls fail to breach these resistance levels, the market will remain in the downtrend.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.