XRP price dipped as low as $0.63 on February 24th but did not go further down with a strong support at this level. Thankfully, it managed to bounce back and surpass both $0.7 and reach $0.8. At that point, with a correction, Ripple lost the $0.75 and settled on $0.7. XRP price gave another attempt to surpass the downtrend but failed. Currently, Ripple is trading at $0.72.
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XRP Price Action Analysis
Taking a look at the 4-hour chart, we find Ripple affected by a persistent downtrend starting from February. Despite touching this line, XRP price has failed so far to break through.
Currently, the $0.7 is the key support level for Ripple and in case of a successful support, it could retest another bull run. For this case, the $0.75 is the first level to surpass followed by $0.80 and $0.85 as key levels.
On the other hand, if XRP price fails to surpass $0.75 and subsequently loses the $0.7, we could expect further decline.
For the bearish scenario, the $0.67 is a key level followed by $0.65 and $0.63. Losing these levels would be detrimental for the price.
The Technical Indicators
MACD indicator: at the time of writing this article the 4-hour MACD indicator is losing the downward momentum.
RSI: the relative strength index is approximately 44.
Resistance levels: XPR`s first resistance level is at $0.73 followed by $0.75, $0.80 and finally $0.85.
Support levels: the first support level is at $0.70, then the $0.68 to $0.67 zone. Then the $0.65 and $0.63 will follow.
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