Ripple

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.

Ripple has ranged at the bottom of the chart for the past two weeks. It is unlikely the selling pressure will continue.

After the last bearish impulse on March 12, Ripple dropped to a low of $0.12 but moved up to resume consolidation. The breakdown was from the previous high of $0.20 to a low of $0.12. The bulls made an initial effort to make an upward move but were resisted at $0.17. With this resistance, the selling pressure will be at a lower price range.

Ripple has finally plunged to a low of $0.12 after breaching the $0.20 support level. The bears have earlier overwhelmed the bulls at $0.24 to reach the $0.20 support level. However, the bulls defended the $0.20 support for five days before the bears broke the support level.

Ripple has consistently dropped within the last 48 hours. After its consolidation over the previous support of $0.24 for two weeks, XRP dropped to a low of $0.20. Currently, the bulls have been making concerted efforts to defend the support at $0.20 since March 8. Buyers make an upward move to a high of $0.21 but face resistance.

In the previous analysis, Ripple was in a period of consolidation above $0.24 for almost two weeks. On March 7, the consolidation was broken by the bears. Ripple fell to the low of $0.20 and resumed another round of sideways movement. Nevertheless, at the breakdown point of fall, the price reached the oversold region.

There seems to have been no major price movement in the last 48 hours. Another constraint is the absence of buyers in the oversold region of the market. Ripple has remained in the oversold region since February 26 without the appearance of  bulls. As a result, XRP has remained in consolidation between $0.23 and $0.24 without price change.

Since November 26, Ripple has made its last downward move to a low of $0.23 and resumed consolidation. The selling pressure has been exhausted because XRP dropped to $0.23 low and became oversold. The selling has been overdone ending the downward move.

Ripple is stuck above $0.23 support as the market continues its consolidation. Since February 26, the bears made a downward move to a low of $0.23. The market has been on a continuous consolidation without any significant price movement. Certainly, one important thing to note is that Ripple will resume an upward move after the end of consolidation.