Ripple price declined sharply in the past three sessions and could decline below the $0.2700 support level.
Yesterday, November 7, the price of Ripple (XRP) traded above the $0.30 resistance level. Moreover, XRP bulls pushed the price to $0.3 level and were resisted. As a result, there was a sharp decline below the $0.30 and $0.29 support levels. More importantly, Ripple price declined from $0.29 and slipped to the low of $0.27 in few minutes. The coin recovered to $0.28 afterward but has today returned to the $0.27 level.
On the downside, if the bearish pressure continues, the crypto’s price will drop to the levels of $0.26 and $0.25. On the upside, if more buyers emerge, the coin will face resistance at the $0.30 and $0.34 price levels.
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 XRP price is in a bearish trend. Today, the XRP price is falling, if the bearish trend continues, the market will revisit the low of $0.2750 and $0.2700 price levels. For the upside to gain traction, the coin must break the $0.2950 and $0.2980 resistance level.
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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