Price Analysis

XRP Faces Correction as It Falls to Test Support at $0.21

eToro
  • XRP, at the time of writing this analysis, was trading at $0.219 on Coinbase
  • The coin is currently correcting downwards as it approaches 38.20% Fib Retracement Level around the trading price area of $0.21
  • The current movement of the coin breaks the uptrend that is forming as there happens to be a price correction phase
  • XRP/USD trades under utter selling pressure due to lack of support

Ripple cryptocurrency comes under selling pressure as the price slides towards the major support. Having hit through the major resistances, the coin had marked a fresh 30-day high at $0.2559 and above which it could not survive due to lack of support and trading pace.

XRP Price Analysis

XRP News
XRP/USD Chart By TradingView

Taking a glance at the XRP value movement against USD, we see that the coin has currently lost the momentum it gained when it marked a fresh 30-day high. The current plunge has led the coin to test the supports near the 38.20% Fib Retracement area after having faced the resistance above the 61.80% Fib Retracement level. Alongside, XRP gave consequent higher highs at $0002E225, $0.246 and $0.255. However, as per the movement observed after mounting at $0.255, we see a downtrend forming and after having touched the apex, the coin is seen falling steeply.

eToro Crypto

The 20-day Bollinger Bands laid also confirm the fall as the price trend is breaking through the lower Bollinger Band with no support from the daily moving averages.

Technical Indicators

Ripple News

The other technical indicators laid portray the bearish crossover of Ripple cryptocurrency as the MACD line is below zero and has experienced a death crossover.

The RSI of the XRP coin is also surrounding the oversold region at 31.76.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

Related Articles

Back to top button