Ripple Consolidates, Faces Stiff Resistance at $0.17
The sideways moves are ongoing, as Ripple continues to trade between $0.12 and $0.17. Unfortunately, neither the bulls nor the bears have broken the key levels.
On March 22, XRP moved to the high of $0.16 and continued to trade near the resistance. This is an added advantage for the bulls to push above $0.17 resistance. Besides, during a breakout, the price will be close to the breakout point. It is assumed that Ripple will attract more buyers if the bulls break above $0.17 resistance. On the other hand, if it turns down from its recent high, XRP will drop to a low of $0.14.
Ripple (XRP) indicator analysis
Ripple was at level 21 of the Relative Strength Index when it fell to the low of $0.12. Presently, RSI has risen to level 40 as XRP continues its upward move. The EMAs are sloping downward indicating the downtrend.
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 (XRP)?
Ripple is still consolidating between the levels of $0.12 and $0.17. Except for the occurrence of a breakout at the key levels, the market fluctuations will continue. From the earlier price action, a breakout is expected at the end of the day. However, if the bears continue to build up stiff resistance, the consolidation will continue to linger on.
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.
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