Ripple rebounded twice as the coin recovers from the earlier breakdown. Before now there was anxiety as price fell towards the $0.21 low after the recent breakdown at $0.23 support.
Today, Ripple has risen to $0.24 high after a rebound. The current downtrend will be terminated if buyers sustain the current momentum and price is pushed above the $0.26 high.
At this level, any breakout will propel price to rally above $0.30.Conversely, the downtrend will resume if buyers face rejection at the current high. The selling pressure will be strong as XRP may drop sharply to a low of $0.19. This is because XRP has been on a downward move as price makes a series of lower highs and lower lows. In the meantime, the coin is facing resistance above the $0.24 high.
XRP price breaks above the 12-day EMA but faces rejection at the 26-day EMA. Ripple will fall if price fails to break above the EMAs. The coin is trading above the support line of the descending channel. A break below the support line will cause the coin to decline. Presently, the coin is in a bullish momentum as it is above the 30% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple's next move will depend on whether the current move is sustained or not. If the current momentum is sustained, XRP will be out of the current downtrend. However, a rejection will lead to the attainment of the Fibonacci tool analysis. That is the market will fall and reach the 1.272 Fibonacci retracement level or the $0.21 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.