Ripple has continued to push upward to retest the resistance levels. Buyers have overcome the initial resistance of $0.19500 but struggle to trade above it.
However, the bulls have continued to battle the resistances of $0.20 and $0.20500. The earlier rebound and retest fail to breach the $0.20 resistance. To reach a compromise, Ripple now trades below the $0.20 resistance but above $0.195 support.
Possibly a rebound above $0.195 will enable price to break through the resistance of $0.20 and $0.205. XRP will have a new uptrend and the market will move up if the bulls are successful. Expectantly, if the momentum is sustained price will reach the highs of $0.22 and $0.24. Conversely, if the $0.20 and $0.205 resistances remain unbroken, the market will continue to trade below $0.20.
Ripple indicator analysis
XRP is rising and is above the 80% range of the daily stochastic. This explains that the market has reached the overbought region. We may likely see the emergence of sellers attempting to push price downward. The EMAs are horizontally flat, while price bars above the EMAs indicate an upward move.
Key Resistance Zones: $0.35, $0.40, $0.45
Key Support Zones: $0.25, $0.20, $0.15
What is the next direction for Ripple?
Ripple has made tremendous progress. The market has moved from $0.178 low to $0.197 high. The bulls are still contending to break the resistance at $0.20 and $0.205. A break above this resistance will mark the resumption of a new trend.
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.