Ripple Is Retesting the $0.57 Low, an Upside Momentum Likely

Today, Ripple is falling and trading at $0.58 at the time of writing. The coin is falling to retest the previous low at $0.57 or perhaps it may further decline.

A further downward move will become necessary if price breaks the lower lows. However, if the lower lows hold, the market will move up to create another lower high. The downtrend will be terminated if the bearish pattern is truncated. 

Meanwhile, there are bullish signals at the previous low of $0.57. The implication is that the current support is likely to hold. Therefore, Ripple is expected to make another lower high. Meanwhile, the upside momentum will resume if buyers can push the price above the $0.61 support. Otherwise, sellers may resume the downward move.

Ripple indicator analysis

The price is hovering above the 21-day SMA. A break below the SMAs will mean a downward movement of the coin. The crypto is also below the 50% range of the daily stochastic. It indicates that Ripple is in bearish momentum.

Key Resistance Zones: $0.35, $0.40, $0.45

Key Support Zones: $0.25, $0.20, $0.15

What is the next move for Ripple?

In the lower time frame, the price action is indicating an upward movement of the coin. However, the Fibonacci tool has indicated a downward movement of the coin. On December 1 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that Ripple will fall to level 2.0 Fibonacci extension. That is a low of $0.470. The coin will reach the $0.47 price level once the $0.57 support is breached.

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.