Price Analysis

Ripple Reflects the Market Plunge; Forms a Low Swing near $0.27

  • Ripple price broke major support levels near $0.28 and $0.29 yesterday
  • XRP even tested the support level near $0.2739 and mildly rebounded
  • Ripple has continued the recovery today, though, lacks momentum
  • The coin is struggling to remain above $0.28

Ripple (XRP) seems to be taking a pause from more than a week-long recovery phase. In the last 24 hours, XRP price has touched the lows near $0.27 and is rebounding from there at a slow pace. Meanwhile, Bitcoin had also broken below $9000 yesterday.

Tracing a bullish trendline, the coin has recently started to move up from the recent price fall near $0.2739. Currently, the coin is seeking stability above $0.28. Yesterday, the coin had opened at $0.2894, and it closed above $0.2907 but, after that, it kept dropping from there. Finally, the coin found support at $0.2739 yet, and it couldn’t break above $0.28 till it closed the day. Today, after having a bullish close at $0.2821, the coin has been correcting till now. At 08:35:29 UTC, Ripple price is trading at $0.2805.

XRP/USD Price Chart

Ripple Price Chart
XRP Chart By TradingView

Notably, over the day, the coin has traded pretty much below the support levels. By now, the price levels which were posing as support levels till the day before yesterday are now the resistance levels.

If we take a look at the technicals, the SMA lines are giving a bearish indication at the moment. However, they are slowly heading for a cross-over. MACD chart also appears a bit negative as its MACD line is below the signal line. RSI is just above 50 indicating no extremities.

The price levels to look for regarding XRP are $0.2998 and $0.3069 if it recovers above $0.2883, while the coin can meet support levels at $0.2697, $0.2626, and $0.2511 if a fall takes place.

Tags

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.
Back to top button
Close