Today, Ripple is still hovering above $0.28 support after its recent fall to the current support on August 21. Ripple is yet to rebound to reach the previous highs as it was in the previous price action.
Rather, the price action is dominated by the presence of small body candlesticks like Doji and Spinning tops. These candlesticks describe the behaviour of buyers and sellers about the direction of the market.
Buyers and sellers are at equilibrium as regards the direction of the market. XRP is now range-bound between $0.28 and $0.30. Buyers have made two unsuccessful attempts to reach previous highs but the selling pressure continued to compel XRP to a sideways move. The bottom line is that if they can push XRP above $0.32 resistance, the coin will rally above $0.34 resistance.
XRP is trading at level 54 of the Relative Strength Index period 14. It indicates that the coin is a little above the centerline 50. Invariably there is a balance between supply and demand. The price bars are above the 26-day EMA; a break below it will mean a downward movement of the coin.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple will have a chance of a further upward move if the $0.32 and $0.34 resistances are breached. The coin will rise and reach a high of $0.36. However, if the resistance level remains unbroken, the market will be range-bound between $0.28 and $0.32.
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.