Price Analysis

XRP Recovers Persistently; Holds Active Support at $0.23

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  • XRP is currently a little below its weekly high price mark; yet to carry out a full recovery
  • The coin has faced rejection at $0.2410; the pullback has already been halted with a strong and active support
  • The coin is likely to sustain the uptrend if the coin clears price barriers above $0.26
  • Technical are giving bullish signs; the coin is trading with a buying sentiment in the market

Ripple cryptocurrency has bounced back today, and its rebound has covered half of the price recovery as of now. The coin is likely to trade above $0.24 in the next few days if the coin bullish with stability.

Five days ago, XRP had its opening price at $0.2199, and it steadily rose from there. The coin reclaimed its position firmly above $0.23 on January 27 while it was already forming higher highs, which is a positive sign.

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XRP/USD Chart By TradingView

XRP’s bullish trendline saw a break out when the coin faced a steep resistance above $0.2410. With a downward correction, the price of XRP dropped and even traced a bearish trendline. However, XRP has found a support level just below the 38.20% Fib level at $0.2310. The coin is heading upwards from here and has reached $0.2364 at 12:10:14 UTC today.

Will XRP Hit the $0.26 Price Mark?

The MACD indicator is bullish enough with its MACD line on the upside. Meanwhile, RSI is at 56, showing a neutral zone. The coin seems to be targeting the $0.26 price mark and it may touch the same in the first week of February. The current price rally of Ripple largely reflects the BTC’s bullish price trend. In that case, investors are hoping that the current bull-run of Bitcoin is not the temporary one.

Ruti Vora

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

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