Ripple’s impressive run is over as buyers are overwhelmed after an initial uptrend. Thereafter, the price commenced dropping gradually from $0.02330 to $0.22138. Ripple depreciated as a result of the absence of buyers. However, Ripple fell and found support at $0.22 which may face further selling.
In this present downward move, we expect the market to reach the previous low. The only condition that will compel the coin to fall is if the bulls fail to defend the support at $0.22. Alternatively, if the support holds, the downward move will stop but a range-bound movement may ensue.
Ripple (XRP) Indicator Analysis
The coin is trading below the exponential moving averages; this portends another price fall.
Ripple is beneath the 40% range of the stochastic meaning that the price is falling.
Key Supply Zones: $0.35, $0.40, $0.45
Key Demand zones: $0.25, $0.20, $0.15
What Is the Next Direction for Ripple (XRP)?
XRP’s recent upward move was relegated as the coin lacks buyers at the supply zones. There is a tendency for the market to plunge since it is beneath the exponential moving averages. Any downward move will compel the XRP drop at the bottom of the previous low.
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.