Ripple Price Analysis: XRP Goes All Bearish, Touches Lowest Point of this Week
- XRP price has broken major support at $0.42; nosedived near $0.40
- Ripple coin has hit its 7-day low price point at $0.3953
- Even after a rebound, XRP is struggling to reach above $0.40
- Ripple needs to strike a price recovery well above $0.42, to come out of the bearish zone
XRP price is currently failing to rise against U.S Dollar while it has already traded below its key support levels. BTC price is also tumbling below $12k after the recent and massive price gains above $13k.
Ripple seems to be witnessing bears in its price trend since yesterday. It had its opening price at $0.4677 which later saw a fall near its major support level of $0.42. Failing to hold onto its support price, Ripple coin further dropped sharply at $0.39 having its 7-day low price point.
The XRP coin since then has been attempting to strike a price recovery. Though it has corrected upwards from $0.3901, it is yet to step out of its price range between $0.39 to $0.40. At 04:50:04 UTC, XRP was trading at $0.4016. Over the last 24 hours, Ripple has declined to 14.13%.
XRP/USD 1-Day Price Chart by TradingView
Notably, the current price of Ripple is 9.11% less than the 5-day SMA of Ripple, that stands at $0.4419. This shows the current bearish impact in XRP price trend. Also, the recent price decrease has caused XRP to face a strong selling interest.
Apparently, XRP needs a strong price boost above $0.42 in order to strike a price recovery. After this price fall, previous major support levels at $0.42 and $0.45 have turned into major resistance levels. However, at present, XRP is struggling to cross the price barrier above $0.40.
RSI for XRP/USD is just above 50 showing stability at the moment. The MACD chart for Ripple appears less volatile while it indicates upcoming positive momentum as the MACD line is above the Signal line. If XRP starts trading with an uptrend, it may see major resistance levels at $0.4200 and $0.4544, while it can see support level at $0.3791, if XRP price further moves downward. To know more about the latest fluctuations in the price of XRP, go through our XRP price prediction post and trade wisely.