Ripple price analysis shows that the XRP is now back in a bearish zone below the $0.2200 support level. XRP price is now trading near $0.2000, which holds the key in the short term.
In the past two days, the price of Ripple (XRP) dropped sharply from the $0.2400 resistance level. The bears pulled the price below several key supports near the $0.2240 level to enter a bearish zone. Moreover, there was a close below the $0.2200 level on the 4-hours chart.
The price even tested the $0.2000 support level and a new monthly low was formed near $0.1998. At the time of writing this Ripple price analysis, XRP is consolidating losses below $0.2010, with a bearish angle.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, the XRPUSD price is bearish. However, if the pair starts an upside correction above the $0.2100 resistance, it could test the key $0.2150 resistance level. Therefore, a decent recovery in XRPUSD price requires a solid break above the $0.2150 resistance and a follow-through above the $0.2200 level.
Otherwise, the bears are likely to aim more losses below the $0.2020 and $0.2000 support levels in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy 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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