XRP Consolidates Above $0.23 after Partly Healing from the Recent Price Plunge

  • Ripple price is currently struggling to remain above $0.24; price recovery is facing hurdles
  • The coin is not even halfway concerning its rebound from the recent price drop
  • Today’s price actions have been moderately bearish yet impulsive; As per technicals, the coin is heading towards a bullish zone
  • Yesterday, XRP tested support level at $0.22; the 200-day moving average is posing as a resistance level

Bitcoin has tumbled below $9000 over the last couple of days with a mild negative bias. Resonating to the same, XRP had traded straight away downwards for three days till it started the recovery yesterday.

Ripple Price Prediction

The coin has formed a falling wedge over the last five days, which has been breached with yesterday’s XRP price rebound. Yesterday morning saw XRP dipping below $0.2300, and the support level went as down as $0.2261.

Ripple Price News
XRP/USD Chart By TradingView

Ripple coin has initiated an uptrend from there, but currently, it is going through a rough patch. Moving averages are indicating that they might form a bullish crossover soon, while Bollinger bands are yet to show any signs of volatility here.

The price trend of today has traced a head and shoulder pattern, noting an upcoming price fall. The coin has just breached a major support level near the 50% Fib level today. Recently, it has formed a bullish candle above $0.2375 but is finding it tough to reclaim the $0.24 price mark.

Ripple News

XRP has formed lower highs since today morning; on the other hand, if we talk about the technical indicators, both of them are heading towards a positive zone, contradicting the way the coin is trading at the moment.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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