Ripple Price Analysis: XRP Drops Below a Critical Support, is $0.50 in Play?

source : cryptopotato.com

Key Support level: $0.58

Key Resistance levels: $0.70

After a turbulent night, XRP failed to sustain above $0.70 and the price turned this key level into resistance. The next essential support is found at $0.58. The cryptocurrency seems more likely to test this level before any hopes of recovery.

XRPUSDT_2022-02-24_12-34-53
Chart by TradingView

Technical Indicators

Trading Volume: The volume is increasing. Sellers have the upper hand, and buyers seem more likely to step in at lower levels.

RSI: The daily RSI is making lower lows and is approaching the oversold area. Likely to fall much lower before a bounce can be expected.

MACD: The daily MACD is bearish and falling fast. The speed of this drop is intensifying.

XRPUSDT_2022-02-24_12-34-20
Chart by TradingView

Bias

The current XRP bias is bearish.

Short-Term Prediction for XRP Price

With a turbulent market, the cryptocurrency seems likely to fall much lower before stability is found. The first key level of support is found at $0.58. Hopefully, buyers can stop the downtrend at that level.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Leave a Reply

Your email address will not be published. Required fields are marked *