Ripple Price Tests Support Above $0.2580, Can Reclaim $0.26
- Ripple is trying to remain above $0.26, recently dropped below $0.2590
- XRP tested support level above $0.2580 twice over the last 24-hours
- Bulls are pushing harder to deal with the slowdown; remains under selling pressure
- XRP may face hurdles at trendline resistance level if a substantial rebound takes place
While all sectors and industries have started murmuring the infamous off-putting term ‘recession,’ it is to be seen how the crypto market cops-up with the slowdown. It’s evident that significant altcoins like Ripple, Ethereum or Litecoin have been range-bound below their key support levels since many weeks, while on the other hand, Bitcoin price surges have not crossed above $12,000 since a month now.
Coming back to Ripple’s price trend, a day before yesterday, the coin saw a price escalation causing it to climb above $0.26. Due to that, yesterday morning price actions of XRP price shows a bullish bias. The initial surge took the coin as high as $0.2660 from $0.2604 with an increase of 2.16%. After the high spike, XRP started moving with a downtrend and it found a support at $0.2583. Tracing a bit weaker rebound, the coin traced a lower high at $0.2542.
XRP/USD Price Chart
Ripple price went through one more plunge near $0.2590 before closing at $0.2630. Unlike yesterday, XRP price is continually dropping today and is battling for a rebound above $0.2589 at 05:22:04 UTC.
Ripple 5-day Price Chart
Ripple’s 5-day chart shows how the coin has seen an uplift in its price in the last couple of days. A continues weekly price rebound above $0.29 can set the mood for the market bulls. However, today’s downward correction has pulled the coin below $0.26 again.
In both the charts, long term SMA line is below the short term SMA line indicating a positive sign. Although, the coin is well below both the SMAs.
Contradictory to SMA lines, RSI and MACD chart point out to a bearish trend, as the RSI indicator is near 30, showing oversold phase. Also, the MACD line is below the signal line showing a bearish price move.
Price of Ripple may see support at $0.2567 and $0.2542, while if the coin finds the momentum to rebound, resistance levels to watch out for are $0.2656, $0.2681 and $0.2713.
