Surprisingly, Ripple has been stagnant, soon after the breakdown at the $0.20 resistance. For over a week, price has been fluctuating below the $0.20 resistance without any discernible direction of price movement.
Despite the low volatility, Ripple’s bulls have rebounded thrice to break the $0.20 resistance but to no avail. On each partial breakout above the $0.20 resistance, the market will suddenly drop to $0.192 low.
In other words, on every retest at the resistance, XRP has a corresponding bearish reaction. However, significant price movement is underway despite the volatility. Presently, Ripple is confined in a range between $0.192 and $0.20. The upward move has been repelled by stiff selling pressure at the $0.20 resistance. Since May, the support has been holding after bearish onslaught. Any breakdown will portend negatively on the coin.
The crypto is above the 40% range of the daily stochastic. The stochastic bands are attempting to point downward indicating a downward move. Similarly, the price action is in a bearish signal. The price bars are below the EMAs indicating a downward movement of the coin.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
There is still the possibility of an upward move if the bulls break the downtrend line and the price is sustained above it. Alternatively, if the bulls breach the $0.20 and $0.205 resistances, it will accelerate price movement to the previous highs.
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.