Notwithstanding the price fluctuation, XRP has been trading consistently above the $0.22 price level. This is an added advantage for the bulls to bounce at this price level. This can be done by the introduction of more buyers at this price level.
With this, the initial resistance at $0.23 and $0,024 will be overcome. When price breaks these resistance levels, XRP will be out of the downtrend zone.
Besides, when the buying momentum is sustained Ripple will rally above the $0.25 price level. The moment XRP is sustained above $0.25, the uptrend movement has begun. Conversely, one major setback will be when the bears take advantage and break below the $0.22 price level. XRP will be unable to bounce and will continue to depreciate. When a coin is falling, the value and strength of the coin will be weakened.
As already indicated, a bounce will bring a positive effect for the coin. For instance, the coin will be in the bullish trend zone above the EMAs. When the price is above the EMAs, the coin tends to rise. Meanwhile, the MACD is still showing a sell signal as the MACD line and the signal line are below zero lines.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
Ripple is still within the price range of $0.20 and $0.23. Hopefully, if correct bullish measures are taken, the coin will move up. The coin is trading and approaching the resistance at $0.23. A break above it will give passage for the coin to progress. The range-bound move will continue if the coin fails to break through again at the resistance.
Disclaimer. This analysis and forecast are the personal opinions of the author 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.