06 Feb Ripple Price Analysis – XRP/USD Holding Key Support Level
- Ripple (XRP) struggled to move above the $0.9500 resistance level
- There is a bearish trend line forming a new resistance level of $0.7200
- XRP is also holding a key support level of $0.6600 at the moment
Ripple — New Resistance & Support Levels
XRP recently recovered against its low of $0.6041, now trading at $0.6942 at the time of writing. The coin failed to surpass or hold its previously established resistance level of $0.9500 (as of the end of last week), so a downside movement was initiated towards a new support level. As things stand, this is approximately $0.6600. A bearish trend was also formed after the cryptocurrency tested a new resistance of around $0.7200.
We will need to see if the $0.6600 support will hold to determine what the next move is. On the bright side, both the MACD and RSI indicators are now showing bullish signals (signal line could be crossing the MACD line; RSI score of under 50).
Looking at the Technical Indicators:
- Three-hour MACD — bullish signal
- Three-hour RSI — Underbought territory (bullish)
- Major Support Level — $0.6600
- Major Resistance Level — $0.7200
Featured Image: twitter