Since March 26, Ripple has been consolidating above the $0.17 overhead resistance despite breaking the resistance line of the descending channel. Certainly, with the breaking of the resistance line, the market should have a change in trend. Rather the pair remained in consolidation indefinitely without regard to the price action.
The bulls’ inability to move price upward is caused by the stiff resistance and defence by the bears at the $0.17 price level. Consequently, if the bulls turn down from the $0.17 resistance, XRP will drop to $0.16 low. At this low, the bearish momentum will extend to the low of $0.12. Ripple can equally move up to a high of $0.18 price level. Nonetheless, the momentum will extend to the high of $0.21, if the bulls break the $0.18 resistance.
Currently, Ripple is above the 60% range of the daily stochastic. This indicates that XRP has bullish momentum. The bullish momentum has been conflicting with the current sideways moves of XRP. The EMAs are sloping horizontally indicating the sideways move of Ripple.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
The current defence by the bears at the $0.17 resistance is responsible for the continued consolidation of Ripple. An upward move is possible in view of the breaking of the resistance line of the descending channel.
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.