Ripple price is trading in a crucial downtrend and the XRPUSD pair is likely to continue the decline below the $0.24 support level.
Ripple Price Medium-term Prediction
Yesterday, November 18, the price of Ripple (XRP) was trading in a bearish trend. After the bulls failed to break above the $0.26 level, the price started to drop heavily. The bears broke several key support levels near $0.25 to move further into a bearish trend zone.
Moreover, a new monthly low was formed near $0.23 and the price is currently correcting higher.
At the time of writing, Ripple price continues to show a strong downtrend on the chart while trading at the $0.24 level. Moreover, there is a decreasing trend line that has served as a diagonal resistance for the market since November 7.
On the upside, if the bulls manage to climb above the $0.25 level, the market may fuel a bull run to $0.28, $0.30 resistance levels and above.
On the other hand, an immediate support is near the $0.23 level. If the price starts a fresh decline below $0.24, it is likely to test the $0.22 level. Meanwhile, the Moving Average 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, the XRP price is in a bearish trend. The pair Ripple is trading in the confines of the forming falling wedge pattern. This shows that it will be so difficult for the buyers to move the market to the north.
In the short term, there could be an upside correction, but the overall trend remains bearish as long as the price is trading below the $0.25 level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance levels: $0.25, $0.28, $0.30
- Support levels: $0.235, $0.230, $0.225
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.