The XRP/USD pair is trading amid the levels of $0.20 and $0.23. It is assumed that consolidation may occur at a price of $0.22.
About two weeks ago, XRP was facing rejection at $0.23. Consequent upon that the bulls are in short supply to push the price over $0.23 and $0.24. Sellers have taken advantage to sink Ripple below the price of $0.20. The coin had its first price rejection on November 29 when the market found support at $0.21.
About two days ago, XRP had another price rejection which resulted in the current fall. Expectantly, this fall may lead to the lower price level. Further selling may occur if the low at $0.20 is breached, and XRP will resume its downtrend. Meanwhile, XRP is stuck at $0.22 while the coin continues its southward direction. XRP may pause and consolidate over $0.22.
Expectantly, the Ripple coin is heading downward, since the price is beneath the EMAs. Also, when the coin is below the centerline 50 of the RSI, we will assume that the price is still falling.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
At present, XRP is in a small price range of $0.20 and $0.23. XRP is facing price rejection each time the coin reaches the $0.23 resistance level. Presently, the hurdle XRP is facing is because of the absence of buyers at $0.23. In a nutshell, the availability of more buyers will overwhelm the unrelenting sellers at the current levels. XRP could rally over the upper price levels.
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.