XRP price had to come down as low as $0.55 following the deep correction on January 20th. Following that, Ripple found good support and did not decline further. Subsequently, by forming a double bottom pattern it charged up for a bull run and moved up. At that point, it managed to surpass the trendline and the SMA100 at $0.61 and climbed all the way up to $0.66. However, a price correction brought XRP price down to $0.6 once again. Yesterday, Ripple rallied up to $0.6250 but failed and settle back down to $0.58. Currently, the price is still maintaining the support level at the trendline and is around $0.59.
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XRP Price Action Analysis
Taking a look at the 4-hour chart, we see Ripple had found support from buyers at $0.55. With that, XRP found a chance for recovery and reached $0.66 but failed and backed down to $0.58 today.
As of now, the $0.58 is the key support level for Ripple. In case of remaining above this level, we should expect XRP to bounce back. For the bullish scenario, the $0.62 near the 50% Fibonacci retracement level is the first resistance level. Up next, the SMA100 will be the next one to follow. In case of a successful break through, the $0.65 will be the next resistance level.
On the other hand, if XRP price fails to surpass the $0.62 and loses the $0.58 support, there could be further price correction. For the bearish scenario, the $0.55 is the key support level followed by $0.50.
The Technical Indicators
MACD indicator: at the time of writing this article the 1-hour MACD indicator is losing the upward momentum.
RSI: the relative strength index is approximately 33.
Resistance levels: XPR`s first resistance level is at $0.60 to $0.62 zone followed by $0.65 and then the $0.7.
Support levels: the first support level is at $0.58, then the $0.56 to $0.55 zone. Then the $0.50 will follow.
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