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

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.

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.

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.

Read More?

Post is imported from RSS feed, by one of our guest editors. G6 does not edit or moderate the content. G6 is not responsible for your actions. No rights owned by G6. To remove the post, please email us at [email protected]