Ripple’s Sluggish Trend Ushers the Price below Key Support

  • Ripple has just formed a rebounding candle after testing support at $0.2687
  • XRP price has broken below major support levels today; weakly rebounds
  • The current negative outlook hints for further price drop
  • Investors may have to wait and watch for a little long considering XRP’s bearish nature

The way Ripple (XRP) is trading right now, further losses in its valuation, cannot be denied. The coin has recently traded below $0.27 while it’s too sluggish, and range-bound nature is testing the patience of investors.

XRP price has been trading below $0.28 for long, and Yesterday’s opening price of the coin was near $0.2715. Within 6 hours, the XRP coin escalated to $0.2744 and corrected down to $0.2713, which is the 50% Fib retracement level.

Ripple’s Sluggish Trend Ushers the Price below Key Support

XRP  traced another price plunge yesterday above the 18.60% Fib retracement, where it tested the support level of $0.27. After a rebound to $0.2733, the coin started a gradual drop, and it closed the day at $0.2730.

Today, Ripple has continued the price decline breaking below $0.2700. The coin has recently bottomed to $0.2687, the 100% Fib retracement level. After that, a rebounding candle has taken place at $0.2691 at 05:49:13 UTC.

Ripple (XRP) Forecast
Ripple Chart by TradingView

Remarkably, all the technical indicators appear extremely bearish as of now. The long-term SMA line is above the short term SMA line after yesterday’s death cross. RSI is at 31, indicating an over-sold momentum while MACD is giving a negative sign as the signal line is on the upside.

Ripple is likely to face resistance at $0.2776 and $0.2796 once after it manages to cross $0.2753, while its support levels stand at $0.271, $0.269, and $0.2667. You can take a look at the proof from ripple price history and future XRP Coin Price Prediction from crypto experts.

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.

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