Ripple has finally plunged to a low of $0.12 after breaching the $0.20 support level. The bears have earlier overwhelmed the bulls at $0.24 to reach the $0.20 support level. However, the bulls defended the $0.20 support for five days before the bears broke the support level.
The market made a sharp drop to a low of $0.12 and price pulled back. Nonetheless, strong buying at lower levels of price has made the coin to move up. The price is currently facing resistance at $0.16. The implication is that Ripple may face further selling.
Ripple has fallen below the 20% range of the daily stochastic. The implication is that the selling pressure has caused the coin to be oversold. Buyers are likely to emerge at the oversold region to push XRP upward. At the moment the stochastic bands are above 20% range; indicating that XRP is rising. On the upside, if the price breaks above the support line of the channel and closes above it, the upward move will resume.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple has seriously fallen to the bottom of the chart. It is most appropriate for traders to look for buy setups when the market is oversold, especially, when the coin has fallen to the bottom of the chart. The emergence of the bulls will end the selling pressure and push Ripple upward.
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.