Ripple has resumed a downward move as bulls fail to break the $0.26 resistance. The coin was compelled to a sideways move between $0.248 and $0.26 while buyers made several attempts to breach the overhead resistance level.
Yesterday, buyers pushed the coin to a high of $0.258. Thereafter, a Doji candlestick in which it's opening and closing prices are the same initiated the downward movement of the coin. On the downside, if the price breaks below the SMAs, the coin will be range-bound in the downtrend zone for a few days. However, if the coin rebounds at the $0.24 low, the bulls will be back to retest the overhead resistance. Today, XRP has fallen to level $0.246 at the time of writing. The coin is facing rejection at the $0.246 support as buyers push the price upward.
The price has broken below the SMAs which suggests that the coin is likely to decline. The crypto is below the 80% range of the daily stochastic. XRP now has bearish momentum. The downward move may also continue as the price breaks below the resistance of the descending channel.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
Ripple is now in the bearish trend zone as price breaks below the SMAs. The coin is likely to be compelled to a range-bound move in the bearish trend zone. On October 14 downtrend, the coin fell to $0.247 low and resumed consolidation above the current support. However, the retraced candle body tested the 88.6 % Fibonacci retracement level. This explains that the current downtrend will extend to level 1.129 Fibonacci extension or the equivalent of $0.2412 low
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.