Since November 26, Ripple has made its last downward move to a low of $0.23 and resumed consolidation. The selling pressure has been exhausted because XRP dropped to $0.23 low and became oversold. The selling has been overdone ending the downward move.
Presently, Ripple is fluctuating between $0.23 and $0.24 as the bulls and bears are undecided about the direction of the market.
Nonetheless, Ripple is still in the oversold region of the market. The presence of buyers is necessary to propel XRP to come out of the region. Also, the emergence of the bulls will create an upward movement of price. The market will continue to consolidate and XRP will remain in the oversold region if the buyers fail to emerge.
The stochastic bands are making a U-turn above the 20% range indicating that price has bullish momentum. The price will rise as soon as the momentum gets stronger. It is expected that if price rises above the EMAs, the market will reach a high of $0.26
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple has been oversold for over a week as bulls fail to emerge in the region. Expectantly, an upward movement of price is possible as soon as the bulls arrive at the oversold region. It is very unlikely for a downward movement of price.