Today, Ripple is trading at $0.18 after establishing a price range of between $0.17 and $0.20. In the last one week, XRP has neither traded above $0.20 nor fallen below $0.17. Three days ago, the coin has been making gradual fall after facing resistance from the $0.20 supply zone. This has been the scenario for the past one week. As the coin moves downward, two things are likely to happen. One, the bears may want to break the $0.17 low and resume the downtrend
This will further depreciate and put the coin in a negative position. Two, the downward move may be interrupted as the bulls resolve to move upward to retest the $0.20 supply zone. This will be the fourth time the bulls will be attempting to break the $0.20 resistance. On the other three occasions, the bulls made futile attempts. Possibly, a breakout will see XRP reach a high of $0.23.
After the last bearish run, the blue and red lines EMAs are sloping horizontally indicating that XRP is fluctuating. The coin is still trading below the EMAs indicating that the price may fall. Meanwhile, the momentum is low as XRP is above the 25% range of the daily stochastic.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
Ripple is still trading at its new yearly lows. The coin has been confined within its range. Most likely a break above $0.20 will push XRP to reach the $0.23. Furthermore, if the bullish momentum is sustained, the coin will be out of the bearish trend zone. However, it will be most disappointing, if the bears succeed in breaking the $0.17 low. Possibly, the coin will find support at $0.15.
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.