Ripple is moving up while trading in the $0.17 to $0.20 range. The bulls have consistently tested the $0.20 price level for the fifth time but are unable to break it. On each unsuccessful attempt, the market retraces and falls to the $0.18 support. One cogent reason for bulls’ inability to penetrate the $0.20 price level is because of a lack of demand at higher price levels.
The bulls are more forceful to break out of the range but could not overwhelm the bears. Expectantly, a breakout at the $0.20 will push the coin above the $0.23 price level. Otherwise, the coin will continue its fluctuation below $0.20 price level. Meanwhile, the introduction of more buyers at the $0.20 price level will push XRP to a higher price level.
The blue and red bands of the daily stochastic are over the 50% range indicating that XRP is rising. Interestingly, the coin is in a bullish momentum to move above the previous highs. However, it is still incapacitated to penetrate the resistance level. The market has failed to trade above the 12-day EMA due to persistence selling pressure. This has posed a serious resistance to the coin's upward move.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
Ripple is still under bear control as the coin struggles to rise above the previous highs. The bulls are yet to trade in the bullish trend zone since November due to consistent selling pressure. The prospect of Ripple would have been different if the price is above the EMAs. Ripple is sure to move up. Presently, XRP is on the verge of breaking the $0.20 price level. A break above the price level will enable the coin to rise. Failure to break the resistance will compel the coin to continue its fluctuations.
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.