XRP’s price is currently rebounding though it is facing some major resistance against the US dollar and will likely face some more once it nears the $0.2450 and $0.2250 as we are about to read in the coming altcoin news below.
Over the past few days, the importance of the $0.2650 support for xrp’s price was explained and since the XRP/USD pair failed to hold the $0.2650 support resulting in a dramatic decline. The pair declined by more than 15 percent and broke many of the support levels and there was also a close below the $0.2500 level and the 100 hourly simple moving average.
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Also, yesterday’s declining channel was surpassed with the support near $0.2620 on the hourly charts. The price traded close to the $0.2050 level and even formed a new monthly low of $0.2064. The price is currently correcting higher since there was a break above the 23.6% Fib retracement level of the recent slide to the $0.2064 low.
At the moment, xrp’s price is trading near the $0.2400 level and the 50 percent FIB retracement level of the recent slide from the $0.2064 low is also nearing the $0.2400. On the upside, there was an immediate resistance level nearing the $0.2450 and if there is an upside breaks above the $0.2450 the price could recover towards the $0.2550 resistance area. Any other gains could potentially push the price back into the positive zone above $0.2650. If the price fails to continue above the $0.2450, it will likely start another downward move. Immediate support is near the $0.2350 level which is below the price test support area. If the price fails to stay above $0.2200, it will likely test the $0.2000 support level in the long term. The price of the cryptocurrency must move past the $0.2450 level in order to decrease the bearish pressure and to start a fresh increase. More updates on the price we read in the latest cryptocurrency news today.
Still, it is also important to note that the upcoming Ripple conference comes in times of vulnerability for XRP. Historically, the price of XRP has not pumped during the conference itself but surged as an after effect after the actual event.
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