Ripple price extended its rally and traded towards the $0.22 resistance before correcting sharply. The XRPUSD pair could dip sharply towards the $0.20 support before it starts a fresh increase.
Ripple Price Medium-term Analysis
Yesterday, January 7, the price of Ripple (XRP) traded in a bullish trend zone above the $0.21 level. Moreover, XRP bulls pushed the price above $0.22 before they were rejected. As a result, the price dipped below $0.21 and tested the $0.20 support level.
At the time of writing, Ripple price is trading at the $0.21 level. The current price action indicates that there are chances of another downside thrust below the $0.21 level.
On the downside, if there is another dip below $0.21, the bulls are likely to protect the $0.20 support level. Any further losses might lead the price towards the crucial $0.19 support. On the upside, if more buyers emerge, the coin will face resistance at the $0.22 and $0.24 price levels.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
XRPUSD Price Short-term Analysis
On the 1-hour chart, the XRPUSD price is in a bullish trend. The pair is trimming gains, but it seems like the recently formed uptrend is not over yet unless there is a close below $0.20 level. On the upside, the price is likely to aim a test of $0.22 resistance.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $ 0.22, $0.24, $0.26
- Support Levels: $0.21, $0.20, $0.19
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.