XRP Aims to Keep $0.24 Price Mark Intact; Sideways Trading Continues
- Ripple is showing a price consolidation since today morning; the coin keeps reclaiming the $0.24 price mark
- The coin has dipped below $0.2400 twice today; support at $0.2396 has been breached once
- The year-long price chart shows a prolonged falling wedge followed by a recent bullish break-out
- XRP has entered 2020 on a mildly bullish note while it may end the month with a bit of correction
Ripple Price Analysis
The 11-month chart of XRP shows how the coin has stopped its massive price fall in 2020 as it saw a robust support level there (at $0.18). Almost a month-long price surge is at rest today as it has started testing immediate support levels below $0.24.
However, the stability has kept the overall price trend above $0.24. Notably, XRP is responding to the BTC’s price trend to quite an extent, and today, Bitcoin price has also corrected down below $9500.
Ripple coin was way higher in March 2019 as compared to now and was extremely bullish at the time. The coin had conquered heights even above $0.45 and $0.50 price mark was not too far for XRP.
Since then, the 3rd most influential crypto coin had been declining heavily, and it even slipped below $0.20. The falling wedge formed at the time of decline has recently been breached with a bit of bullish bias, after which, investors are hoping for an exciting bull-run.
Bollinger bands are currently squeezing, which shows that XRP lacks volatility at the moment. The MACD indicator is in the bullish zone with its MACD line on the upside.
Today’s price path of Ripple cryptocurrency shows price consolidation. At the time of opening, the XRP to USD has faced rejection at $0.2449. After that, the currency has been gradually correcting down.
The coin has tested support levels near $0.2396 twice, and at $0.2393, the coin has found an active support line. Currently, the coin is trading at $0.2403. In this chart, RSI is at 54 showing a stable spell while the moving averages are bearish as the short term SMA line is below the long term SMA line. It seems if XRP continues to trade downwards, a bearish breakout below $0.2320 can invite further decline.
