Ripple Bounces as the Market Consolidates Above $0.18

Selling has been relatively stable as XRP traded for the past four days. Ripple traded above $0.18 in the last few days as it moves up to retest the $0.20 resistance level. The relative stability of the coin means that the selling pressure subsided above $0.18. The bulls could have used that period to buy at the upper price level. Hopefully, Ripple is making an impressive move as it climbs above $0.19.

We expect that Ripple makes an instant move above $0.20 before the resumption of selling pressure. An instantaneous move above $0.20 will compel XRP to rally above $0.23. Crossing above $0.23 resistance is the beginning of the XRP bullish move. In November, the $0.23 resistance has proved insurmountable. Regrettably, Ripple may continue its fluctuation within the price range if buyers fail to buy at upper price levels.

Ripple (XRP) Indicator Analysis

Key Supply Zones: $0.35, $0.40, $0.45

Key Demand Zones: $0.25, $0.20, $0.15

What Is the Next Direction for Ripple (XRP)?

Possibly, Ripple is making another upward move after taking a breather from the selling pressure. We expect the coin to break out and the price closed above the $0.20 price level. This will ensure Ripple's upward move. Traders will have the freedom to initiate long trades in anticipation of a bullish trend. However, it will portend negatively, if there is a sudden turnaround and price falls below $0.18 support.

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.