In today’s Ripple price analysis, XRP is correcting lower after meeting resistance at the $0.25 level. If XRP resume a steady uptrend, it is likely to spike higher towards $0.30.
After a continuous struggle to break the break above the critical resistance at $0.24, the bulls finally succeeded. Yesterday, January 30, the price of Ripple (XRP) traded above the $0.24 level and soared towards $0.25 resistance before the bulls were resisted.
As a result, there was a downside correction below the $0.24 level. At the time of writing this Ripple price analysis, the $0.23 area is now acting as a strong support.
On the upside, if more buyers emerge, the coin will rise and retest the $0.25. If successful, Ripple price might continue to rise towards the $0.26 and $0.27levels. The main target for the bulls in the coming days could be $0.30 resistance. On the downside, if there is a downside break below $0.23, the price might extend its decline to $0.22.
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 find support is near the $0.2320 level, below which the price might struggle to remain in a bearish zone in the short term. For the upside to gain traction, the coin must break the $0.2450 and $0.2580 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.
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.
