Price Analysis

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.

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.

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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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