XRP experiences aggressive selling as the market falls to a low of $0.20. A sideways trend is expected at the bottom of the chart
XRP sinks to a new low as the bears overrun the previous low of $0.22. The bears took the price to a new low of $0.20. However, the Ripple coin pulled back and retested the price at $0.22. The pair has resumed its downtrend. Nevertheless, if a fresh selling resumes and breaks the new low of $0.20, XRP will depreciate further to a low of $0.18.
Now, the bulls may challenge the current selling as the downtrend has deepened into the oversold region. The Ripple coin may be compelled to a sideways move if the bulls push the price above the $0.22 price level.
XRP has fallen and reached level 24 of the daily Relative Strength Index period 14. This is the oversold region where buyers come in to challenge the bulls about the market condition. The moving averages are sloping southward indicating the downtrend.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
The current selling may have subsided due to the RSI reading. However, the market may commence a sideways move if the bulls put an end to the current selling. We expect the market to rise above $0.22 to resume the sideways trend. Traders should know that if the price bounces above the current levels, it is an opportunity to initiate a buy order in anticipation of an uptrend.
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.