Price Analysis

XRP Resumes its Rebound Today; May Reclaim $0.24

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  • XRP aims to remain stable above $0.24 though bears are causing frequent pullbacks
  • The rising flag of XRP seems intact right now though a little plunge can breach the same
  • The coin had tested support level below $0.23 yesterday; it is up by more than 5% from there
  • Technicals seem a bit negative today, differing from today’s price path of XRP
  • A steady price rally above $0.28 is required in order to carry out the full recovery of Ripple

Ripple is adapting to Bitcoin’s price movements with a pretty much bullish bias today. However, it had happened in the past where Ripple has impressed the market by overtaking Bitcoin’s pace. Ripple is currently hustling to stay above $0.24 while the pullbacks are keeping the coin around $0.23.

Yesterday, XRP started trading at $0.2386 and surged slightly to hit the $0.2436 price mark. The steep pullback ushered the coin to $0.2300 before it attempted to strike a recovery. XRP again dropped and formed a double bottom at $0.2293 breaching major support level.

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Ripple Price News
XRP/USD Chart By TradingView

At $0.2293, Ripple seems to have found a support level and it has surged by more than 5% from there. If we talk about the technicals, Bollinger bands are indicating an upcoming less volatile spell. RSI is at 49, showing no extremities right now. On the other hand, MACD is bearish with its signal line on the upside.

As XRP is witnessing a price drop since the middle of this month, the XRP price is calling for a steady price rally above $0.28 in order to record an efficient price recovery.

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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