About 48 hours, Ripple plunged to $0.21 low as bulls failed to breach the $0.60 resistance. With this breakdown, Ripple is in the bearish trend zone.
The bulls have an uphill task to resume the upside momentum as the $0.50 price level has to be attained. Failure to attain the $0.50 support level will attract further selling pressure from the bears.
Presently, Ripple is making an upward move. The altcoin found support above $0.21 as the price pulled back above $0.24 high. After consolidation above the $0.24 support, the upward move has resumed. On the upside, if the bulls push XRP above $0.50, the crypto will continue with the upward move. On the other hand, a downward move will resume if the coin faces rejection. Ripple is trading at $0.37 at the time of writing.
The crypto’s price broke the support line of the descending channel signalling the resumption of the downtrend. Also, the price breaks below the SMAs suggesting a possibility of the coin falling on the downside. From the price action, the coin is rising on the upside.XRP is above 80% Range of the daily stochastic. This indicates that the coin has bullish momentum.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.40, $0.35, $0.30
After a breakdown, the market has resumed an upward move. On December 24 uptrend; a retraced candle body tested the 61.8 % retracement level. The retracement suggests that Ripple will rise to level 1.618 Fibonacci extension or $0.45 high.
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.