Ripple (XRP) is fluctuating below the resistance at $0.23. The XRP stands the risk of depreciation if the price at $0.20 is broken.
Finally, buyers surrendered to sellers after two days of tussling above the support at $0.22. However, it is uncertain who controls the support at $0.22. The bulls lost and have taken possession. Ripple has no buying power to penetrate the resistance at $0.23. The support at $0.22 collapsed because of the inability of the bulls to hold on. It is most likely that the coin will revisit either the price at $0.20 or $0.21. This has been the price situation for the past two weeks. Ripple will fall either at the price of $0.20 or $0.21 and it may rebound.
There are fears that the downtrend may continue and it will break below $0.20. This will portend a negative signal to XRP. XRP may resume the downtrend and find the next support. Sometimes the price action can take a new dimension in times of volatility. The presence of a bullish breakout will catapult the coin to rally above $0.25.
However, the coin is depreciating after reaching the overbought region of the daily stochastic. Ripple is beneath the 60% range meaning that it is in a bearish momentum. The 12-day EMA is a resistance line to the coin.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand Zones: $0.25, $0.20, $0.15
Ripple has resumed a downward move as the bulls fail to defend the price at $0.22. Availability of more buyers is necessary at the lower level for the coin to move upward. Ripple will likely trade within the price range of $0.20 and $0.23 until more buyers are introduced into the market.
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.