Ripple price analysis shows that the XRP is consolidating above $0.22 and remains at a risk of more downsides if it fails to recover above $0.24.
Last week, the price of Ripple (XRP) was trading in a bearish zone after the coin dropped from the $0.27 resistance level. The bears pulled the price below a few key supports near the $0.25 level to enter a bearish zone.
Moreover, there was a close below the $0.24 level and Ripple price traded as low as $0.22. However, at the time of writing this Ripple price analysis, the coin is recovering and trading at the $0.23 level. Therefore, Ripple price must break above the $0.23 and $0.24 resistance levels to start a decent recovery.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
On the 1-hour chart, the XRP bulls are preparing for the next major move either above $0.2375 or below $0.2215. A clear break below $0.2215 could be very deadly and the price might even dive below $0.2200.
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.
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
