Ripple price is trading at $0.23 at press time after losing 4.70% of its value over the past week. Will the XRPUSD pair continue to face sellers near the $0.24 and $0.25 resistance level?
Yesterday, November 23, the price of Ripple (XRP) was in a bearish trend. Since November 7, Ripple has been trading in a downtrend.
Like Bitcoin (BTC), the crypto’s price broke the $0.24 support level and settled well below the 9 and 21-day Moving Averages (MA) within the descending channel. Furthermore, the recent decline later pushed Ripple price below the $0.23 level and a new monthly low was formed near the $0.22 support level.
At the time of writing, Ripple price has started an upside correction above the $0.22 support level.
On the upside, if more buyers emerge, the coin will face resistance at the $0.26 and $0.28 price level. On the other hand, an initial support is near the $0.20 and $0.18 level.
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, XRPUSD price is clearly positioned in a downtrend below the $0.24 level. Nevertheless, should there be an upside break above the $0.24 level, the price could test the $0.2500 area and the 100 hourly SMA. The main resistance for a trend change is near the $0.2580 level.
However, as long as the bears remain in action and the price is below $0.2500, there could be more downsides in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur 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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