Ripple price is facing an intense selling pressure below the $0.2980 resistance level and is likely to continue to decline before it could start recovering.
Ripple Price Medium-term Prediction
Yesterday, October 31, the price of Ripple (XRP) traded sideways. The crypto’s price had a bullish breakout from a flag formation as it looks to consolidate its position below the $0.30 level. Yesterday, Ripple price struggled to stay above $0.3050 level before giving a bearish signal.
The market started a slow and steady decline below the key $0.2950 support level. Moreover, there were more downsides and the price spiked below the $0.2880 support level.
The $0.2850 level provided support and the price of Ripple recovered above $0.2920 and $0.2950. However, the price failed to stay above the $0.2950 level as it is currently trading at the $0.2928 level.
On the upside, if more buyers emerge, the coin will face resistance at the $0.30 and $0.34 price levels. On the other hand, if the bulls fail to defend the $0.2880 support, there is a risk of more losses towards the $0.27, $0.25 support levels. Meanwhile, the Moving Averages Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
XRPUSD Price Short-term Prediction
On the 1-hour chart, XRPUSD price is in a bearish trend. Today, the XRP price is falling and if the bearish trend continues below the $0.2880 support, the market will revisit the low of $0.2820 price level. Conversely, a clear break above $0.2950 is needed for a decent recovery.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance levels: $0.29, $0.30 and $0.34
- Support levels: $0.2900, $0.2880, $0.2850
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.