About 48 hours ago, buyers took the initiative to reach the $0.20500 resistance but were resisted. Before now, Ripple has been sunk to $0.17500 low after a breakdown on May 10.
The initial downward correction to reach $0.20 high was repelled to $0.18500 low. At the moment, XRP is rising to breach the $0.20500 high.
Ripple is likely to rally above $0.22 and the momentum will extend to $0.24. This is dependent upon the $0.20500 resistance being broken. XRP will suffer the same fate if it turns away from the $0.20500 resistance. The consequence is that the price will fall and the $0.17500 low is risked being broken.
Ripple is trading in the downtrend zone. It is currently preparing to breach the $0.20500 resistance. The current price action is the same as the stochastic indicator at the time of writing. XRP is above the 40% range of the daily stochastic, signifying that the coin is in bullish momentum. The market is expected to rise if buyers overcome the resistance zone.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
The recent breakdown is still having its effects on Ripple as the crypto continues to battle downward correction. The downtrend is likely to stop if the price is above the EMAs. The price action is indicating a bullish signal for a further upward move.
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.