Ripple price resumed an upside correction after trading for as low as $0.25. The XRPUSD pair is now facing resistance at the $0.27 price level.
Yesterday, August 23, the price of Ripple (XRP) was in a bearish trend below the 12 and 26-day Exponential Moving Averages (EMAs). Ethereum price has continued to decline since August 19. On August 22, the market slipped below the $0.27 and $0.26 support levels to trade as low as $0.25. Nevertheless, the price of Ripple resumed the upward trend above the $0.25 level, but it faced a strong resistance near the $0.27 level.
On the upside, if the bulls break above this resistance of $0.27, the coin will rise to the $0.30 price level. On the downside, if the bulls fail to break the resistance, the crypto’ price will decline to $0.26 and $0.25 price levels.
In the meantime, 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. The 12 and 26-day EMAs were trending horizontally but are now pointing southward. Today, the XRP price is falling and if the downward trend persists, XRPUSD price will revisit the low of $0.25 level. 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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