Ripple is in a downward correction after its rally above $0.36 high. Today, the altcoin is trading at $0.31 at the time of writing.
The upward and downward price movement has been marginal. There has been no significant price movement. It is a must for buyers to push the coin above $0.45 high. This will place the coin in the bullish trend zone to resume the upside momentum
Unlike the other altcoins, Ripple is yet to participate in the bull market. If the crypto had participated, the coin would have risen from $0.17 to $1.0. However, if the bulls fail to push XRP on the upside, there is a strong tendency for the coin to fall. If the current support at $0.29 is breached, Ripple will drop to $0. 23. Subsequently, the market will revisit the $0.17 low.
The price is approaching the resistance line of the descending channel. XRP upward move will resume if the price breaks and closes above the resistance line. The coin is at level 47 of the Relative Strength Index. It indicates that the crypto is in a downtrend zone and below the centerline 50.
Key Resistance Zones: $0.80, $0.85, $0.90
Key Support Zones: $0.20, $0.15, $0.10
Ripple’s major obstacle is the resistance at $0.37. A breakout will accelerate price movement on the upside. The Fibonacci tool has indicated a further upward movement of the coin. On January 7 uptrend; a retraced candle body tested the 61.8 % Fibonacci retracement level. The retracement implies that Ripple will rise to level 1.618 Fibonacci extension. That is the high of level $0.462.
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