Ripple price started a downward correction after testing the $0.30 level. The XRPUSD pair must stay above $0.28 to bounce back in the short-term.
Yesterday, October 15, the price of Ripple (XRP) was bearish in a bullish trend. The bulls rebounded and pushed the price above the $0.29 level and stopped at a new monthly high of $0.30. However, the bulls failed to continue the bullish momentum as there was a downside correction below the $0.29 support level.
Moreover, Ripple price declined towards the $0.28 support level, where the market currently trades. The bulls are currently rebounding but are facing resistance at the $0.29 level.
On the upside, If more buyers emerge, the coin will face resistance at the $0.30 price level. On the other hand, if the bulls fail to break the resistance, the sell-off may be extended towards $0.27. 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 bullish trend. There is a major bullish trend line forming with support near $0.28. As long as the $0.28 support level remains unbroken, the price could bounce back. On the upside, a close above $0.29 is will trigger more upsides.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
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