Ripple upward move has gathered momentum as price broke the previous resistance and reached a high of $0.21. In the last 48 hours, the bulls were unable to break the $0.205 resistance.
Buyers took bold steps to reach the $0.21 high. Sellers were defending the recent high as the upward move was repelled. Consequently, the market dropped to $0.195 low. The price corrected upward to the previous high of $0.205. The coin has returned to the price level where it was 48 hours ago.
Ripple is now trading below $0.205 resistance. At this level, buyers would want to repeat the price action that propels price to reach a high of $0.21. The fact is that each time a resistance level is retested the level becomes weaker. On the upside, a strong bounce above the current support will propel price to break the $0.205 and $0.21 resistance. The price will accelerate to reach the $0.235 overhead resistance. On the other hand, if the bulls fail to push above the $0.205 resistance, the market will drop to $0.185 low.
XRP is below 80 % range of the daily stochastic. Sellers have emerged to push prices down in the overbought region. The price action is indicating a bullish signal as the downward move ends. The price bars are above the EMAs suggesting a possible upward move.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple’s upward move is intact despite the minor retracement. XRP is consolidating above $0.195 support to retest and break the $0.205 resistance. The upward move will resume once the $0.205 is breached. Ripple will be compelled to a range-bound move between $0.195 and $0.205 if the bulls fail to break the resistance.
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.