- 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.
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.