Ripple (XRP) has been under strong contention as bears attempt to sink the price below $0.27. In the first instance, the bears took the price to a low at $0.27 while price corrected upward but was resisted. The market fell back to the same support and commenced a sideways move.
Nevertheless, according to our earlier assumption, the market will fall to a low at $0.24 because XRP may not face resistance at the lower price levels. If the market does fall the $0.24 price level may also depreciate to a low at $0.22. Conversely, the $0.27 support level is the previous low in October and if it holds the price will rally above the $0.31 price level.
The coin is approaching level 42 of the Relative Strength Index period 14 which indicates that XRP is falling. As the price breaks the support line of the channel, there is the tendency of price continual dropping.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
The indicators have shown that XRP is falling including the EMAs which are pointing southward. However, what determines the direction of XRP is the $0.27 support level. If the support level is breached, then we expect the price to reach a low at $0.22 or $0.24. Likewise, if the support level holds, the coin may rally above $0.31 or $0.34 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.