Despite the initial failure to break the $0.20 resistance, the bulls faced another rejection at the same resistance.
Price has retraced and found support above $0.19 for a possible upward move, though the altcoins are generally facing a downward move. In the meantime, the bulls are regrouping above $0.195. The coin is also range-bound between levels of $0.195 and $0.20.
In an earlier retest at $0.20, buyers failed to break the initial resistance. On the upside, a strong bounce above $0.195 will propel price to break the resistance at $0.20 and $0.215. Then the upward move will continue to the high of $0.22 . The bulls must sustain the uptrend above $0.215. However, if the bulls fail to initiate the current move, the price consolidation above $0.195 will continue.
Ripple indicator analysis
The bulls have been able to sustain price above the EMAs for the past two weeks. The crypto has been facing rejection at $0.20 for the past week. Ripple is in a bullish momentum as it is above the 25% range of the daily stochastic.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What is the next move for Ripple?
Ripple is relatively stable above $0.195 in the last two weeks. Ripple bulls are battling to break the resistance at $0.20 and $0.205. The price movement should have been accelerated if these minor resistances are broken. The bulls are to sustain prices above the 12-day EMA and the 26-day EMA to avoid XRP from declining.
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.