For the past week, Ripple has continued to sustain an upward move after falling to a $0.17 low. The bulls ‘buy the dips’ and pushed the coin to $0.18 high.
Presently, the coin is trading below the resistance at $0.18 as buyers struggle to break above the resistance. The coin is stuck between $0.17 and $0.18 price levels for the past seven days. Before now, XRP has been in a serious downturn since May 31st.
On the upside, a break above $0.18 will signal the resumption of an upward move. It will also indicate that the downtrend is over. The market will move up to retest the $0.19 resistance zone if the bulls are successful. However, a break below $0.17 will be disastrous as the coin will fall into further depreciation and liquidation. A decline to $0.14 is likely if the bears are successful.
The price bars are below the 12 and the 26-day EMAs. It indicates that the market may fall. However, in the recent upward move the bulls are attempting to break above the EMAs. XRP will begin to rise once the bulls break above the EMAs. The coin is presently above the 25% range of the daily stochastic. XRP is now in a bullish momentum.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple has escaped further downward moves as bulls continue to sustain the bullish momentum for the past couple of days. The coin would have fallen to $0.10 if the bears had pushed the coin to $0.16 low. At the same time, the bearish move is sustained to the downside.
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.