Ripple price is currently recovering above $0.23 level after a recent pullback from $0.26 level. Will the XRPUSD pair surge towards $0.26 resistance again?
Yesterday, January 21, the price of Ripple (XRP) traded in a bullish trend zone. In the past few days, te bulls were able to push the price nicely from the $0.20 support level into the bullish trend zone.
Besides, there was a close above the $0.22 area and the 55 Simple Moving Average (SMA) on the 4-hours chart. The bulls gained traction and the price spiked above the $0.23 and $0.24 resistance levels. Finally, Ripple price climbed and formed a high near the $0.2500 level.
Recently, however, there was a sharp downside correction below the $0.25 level. Moreover, Ripple price traded below the $0.24 support. The bears further pulled the price down to $0.20. However, the price has recovered and is facing a strong resistance at the $0.24 area.
On the upside, if more buyers emerge, the coin will face resistance at the $0.25 and $0.26 price levels. On the downside, if the bears resurface, the crypto’s price will drop to the levels of $0.23 and $0.22.
On the 1-hour chart, the XRPUSD price is correcting lower. If the pair fails to continue above the $0.24 resistance, it could resume its decline. The first major support on the downside is near the $0.23 level.
If there is a clear break below the $0.2300 support, ripple could accelerate its decline towards the $0.2240 support zone in the coming sessions. Any further losses may perhaps call for a test of the $0.2120 support.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
Author Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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