Price Analysis

XRP’s Volatile Yet Bullish Rally Pauses with a Nosedive

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  • XRP price steeply fell below its crucial support levels; even after initial recovery, it is below the 38.20% Fib level
  • The recent fall has caused notable S/R flip; now, resistance levels stand above the 61.80% fib level
  • Ripple re-enters the volatile spell; tested supports below $0.16 thrice over a day

The Crypto market has recently welcomed yet another bearish blow, however, weaker as compared to the previous ones. Bitcoin price has recently declined below $6600 as it couldn’t fight resistance above $6800. At the same time, Ethereum, which is renowned for its stability, has also responded to the fall.

Another prominent altcoin, XRP, has also fluctuated quite noticeably as it has just formed a new low of the day at $0.1580. The currency has recently breached the support level at $0.1590, and now it is rebounding from the dip.

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The coin opened yesterday above $0.1590, and while it went through rapid ups and downs, it maintained its gradual and slow upward movement till it saw the very recent nosedive. Ripple price aimed to hit the $0.17 price mark, but the steep resistance stopped the coin at $0.1657.

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XRP/USD Chart By TradingView

The sharp pullback took the XRP price as low as $0.1580, and here a supporting dip has been formed. Now, it is to be seen how long the coin takes to recover above $0.1690. Looking at its technicals, The moving averages have just formed a bearish crossover and are yet to respond to the recently started recovery.

Also, the sharp fall has pulled the Ripple price below the 200-day EMA line showing a negative signal. Meanwhile, the MACD chart is waiting to form a bullish crossover.

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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