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. Check out our forecast section to know more about the future prices of XRP before investing in it.

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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