Ripple has ranged at the bottom of the chart for the past two weeks. It is unlikely the selling pressure will continue.
At the breakdown of $0.12, XRP reached the oversold region of the market. Subsequently, the emergence of bulls aided to push the coin to a high of $0.16. Ripple is still trading above $0.16 at the time of writing.
At the moment, the market is fluctuating between the levels of $0.12 and $0.17. The pair will make an upward move if the bulls succeed in breaking $0.17 overhead resistance. Unfortunately, the upward move is doubtful as the bears tend to mount stiff opposition at the $0.17 resistance. In other words, Ripple may continue it's a range-bound move for a few more days.
Ripple is currently in a descending channel. An upward move is possible if price breaks and closes above the resistance line. Meanwhile, Ripple is rising as it is above the 40% range of the daily stochastic; indicating that it is in bullish momentum.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
The pair is consolidating between the levels of $0.12 and $0.17. The stochastic indicates an upward movement of the coin. Nonetheless, bullish momentum seems to be weak in the view of the prevailing bear market. In a few days to come, XRP may encounter a price breakdown or breakout as the market continues its consolidation.
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.