Desperately, the bulls put up a fight and defended the $0.18 low and pushed the price upward. The $0.18 low is an oversold region of the market which invited the bulls to take control of price. Ripple plunged to this low as a result of the inability of buyers to defend the $0.22 price level. The upward correction is facing resistance at $0.20. This was the previous support which has turned to resistance.
It was the low that was responsible for the downtrend. Ripple is falling weakly after the resistance. However, the bears may push the price down below the $0.18 low if the selling pressure continues. A successful bearish run again will deepen the coin to a low of $0.15.
Meanwhile, strong defense by the bulls at the $0.18 low may result in a sideways move between $0.18 and $0.20.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
XRP fails to move up to the previous price range after a pullback. Unfortunately, Ripple was resisted at $0.20 as the bearish run resumes. The survival of the coin at $0.18 will depend upon the ability of buyers to defend the current low. Otherwise, XRP will fall to $0.15 low.
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.