In the previous analysis, Ripple was in a period of consolidation above $0.24 for almost two weeks. On March 7, the consolidation was broken by the bears. Ripple fell to the low of $0.20 and resumed another round of sideways movement. Nevertheless, at the breakdown point of fall, the price reached the oversold region.
This increases the chance of the bulls to emerge in the oversold region. On the upside, if buyers emerge at the oversold region or a rebound occurs at the current support; a breakout is expected. It has been anticipated that Ripple will have a rally above $0.22. The market is fluctuating between $0.20 and $0.21 at the time of writing.
Ripple was earlier in the oversold region but returned to the region because of the recent breakdown. By default Ripple will rise from the oversold region. From the price action, the market is on an upward move.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Presently, the bulls are battling to sustain the price above $0.20. Ripple will rally above if the bulls are successful above the current support. Conversely, if the bulls are unsuccessful, the bears will take advantage of the sinking price to the low of $0.17.
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.