Ripple price is in a bearish path trading at the $0.25 level and could either rise above $0.29 resistance or decline below $0.25 support level.
Yesterday, August 27, the price of Ripple (XRP) was in the bearish trend zone. After the bulls reached the resistance level of $0.29, the crypto’s price was resisted and it declined to the bearish trend zone. Ripple price has been ranging between the levels of $0.26 and $0.28 levels over the past few days.
Today, the market remains in the bearish trend zone. On the downside, if the bearish trend continues, the crypto will decline to a low of $0.24. Traders should initiate long trades at the support level of $0.24. On the upside, if more buyers emerge, the crypto price will rise to retest the $0.29 or $0.30 levels.
In the meantime, the price of Ripple is below the EMAs which suggests that the market is likely to decline. 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, XRPUSD price is in a bearish trend zone. On August 27, the bulls reached a high of $0.29, but the bears erased the bullish gains as the price fell to the low of $0.27. The crypto is trading and approaching the $0.29 price level. In the meantime, the MACD line and the signal line are below the zero line which indicates a sell signal. The crypto’s price is above the EMAs which suggests that the price is in the bullish trend zone.
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.
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