- 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 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.
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.