Recently, Ripple broke above the resistance at $0.24 which re-energized the hopes of analysts. It was anticipated that a break above $0.24 will cause the coin to rally above $0.25. Suddenly, the price retraced and found support above $0.23.Similarly, On January 19, Ripple attained a high of $0.25, but selling pressure made the coin fall to the low of $0.22.
Certainly, this clearly explains that the coin lacks buyers at higher price levels. Nonetheless, the current status of Ripple is that it is making a downward move. If the selling pressure continues and breaks the law of $0.2300, the coin will drop to a low of $0.22. XRP will resume a range-bound movement if the support holds.
In the meantime, the technical indicator Stochastic is indicating that the coin has bullish momentum. The momentum is weak as it is above 40% range. The present bearish candlestick is falling attempting to break the EMAs. If the bears break below the EMAs, Ripple will fall to the low of $0.22. Subsequently, the market will reach a low of $0.20.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
It is uncertain what the direction of Ripple will be. Our bullish view has been invalidated as the resistance at $0.24 remains unbroken. Meanwhile, Ripple will commence a range-bound movement, if the price retraces and finds support above the 12-day EMA.
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.