Ripple price corrected downward from the $0.24 level on Tuesday and retreated to $0.23 support. Will the XRPUSD continue to plunge or resume the uptrend?
Yesterday, January 14, the price of Ripple (XRP) was trading in a bullish trend zone. XRP bulls pushed the price from the $0.21 level to touch the highest level of 2020 at $0.24 resistance level. However, the bulls were unable to break above the $0.24 level and the price slipped to $0.23 at the time of writing.
On the upside, if more buyers emerge, the coin will rise and retest the face resistance at the $0.24 price level. Once it is out of the way, the $0.25 and $0.26 resistance level will be the next focus. 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 1-hour chart, the XRPUSD price is in a bullish trend. Although the price may have corrected lower from the $0.24, the bulls are still active above $0.23.20 level. Only a close below $0.2220 might decrease the chances of a break above $0.24 in the coming sessions.
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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