Relatively, Ripple has been stable above $0.23 since January 14. However, its further appreciation to the high of $0.25 was quite encouraging in the last 48 hours. Surprisingly, Ripple crashed to the $0.23 support level. The bulls could not sustain the price at the upper price level because of selling pressure. There seems to be more sellers than buyers at the upper price level.
As XRP is turning down from higher price levels, more buyers should be introduced to counter sellers at the higher price levels. Meanwhile, the price fell to the support above the 12-day EMA. There is a probability that the price will bounce from the support. On the contrary, if the $0.23 support cracks, XRP will drop to either $0.22 or $0.21.
The market is currently above the 12-day EMA. The implication is that the price can rise at any moment over the support. However, in a situation where the price breaks beneath the EMAs, XRP will fall to the $0.20 support. The stochastic is falling below the 80% range signifying that the price is in a bearish momentum. Sellers have earlier brought XRP to its previous low.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple is turning down from a higher price level; an indication that an uptrend is doubtful. The bullish gains that were made have been erased. Ripple should concentrate on more buying power at higher levels. The price is fluctuating above the $0.23 price level for a possible upward move.
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.