Ripple price could decline in the coming days if the $0.24 support fails to stop the selling pressure from the market.
The price of Ripple (XRP) is currently consolidating above key supports but below the 12-day and 26-day Exponential Moving Averages (EMAs). On September 23, Ripple price dropped sharply below the $0.26 support level and formed a low near $0.20 level. The market corrected higher, breaking the $0.22 and $0.23 resistance levels. At the time of writing, the crypto price is trading at the $0.24 level.
On the upside, if more buyers emerge, Ripple price will face resistance at the $0.25 and $0.26 levels. Conversely, if the bulls fail to break the resistance, the crypto’ price will decline to $0.23 price level. 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, XRPUSD price is in a sideways trend below the 12-day and 26-day EMAs. The current price action suggests that traders can expect the price rise, but upsides are likely to be capped near $0.25 or $0.26 resistance levels.
However, the bearish pressure around XRPUSD remains persistent and vulnerable below the $0.25 level and if the bears regain control, the market will drop towards $0.23, $0.22, and $0.20 support levels.
In the meantime, the MACD line and the signal line are above the zero line which indicates a buy signal.
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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