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    Home » XRP » Ripple Price Analysis: Following a 20% Weekly Crash, What’s Next for XRP?

    Ripple Price Analysis: Following a 20% Weekly Crash, What’s Next for XRP?

    Author: Duo Nine

    Last Updated Jan 25, 2022 @ 15:30

    XRP’s downtrend has come to a temporary stop after a severe crash last week.

    Key Support levels: $0.58, $0.50

    Key Resistance level: $0.65, $0.70

    After a very difficult last week, XRP appears to have found a good support level at $0.58, which has put a stop to the downtrend, at least momentarily. The resistance is not far off and sits at $0.65. Considering this price action, it may be that the bulk of this correction is behind us, and a relief rally may follow.

    XRPUSDT_2022-01-25_14-39-30
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume is decreasing after a very intense selloff last week. This explains why the price managed to hold above the key support.

    RSI: The daily RSI is found in the oversold area and is trying to escape by moving higher. The first attempt was rejected, but the current price action may lead to another try.

    MACD: The daily MACD remains bearish, and a consolidation period may be needed before any reversal can take place.

    XRPUSDT_2022-01-25_14-39-16
    Chart by TradingView

    Bias

    The current XRP bias is bearish, although sellers might be losing interest in taking it lower.

    Short-Term Prediction for XRP Price

    It appears that one of the more probable scenarios, at least for now, is for XRP to consolidate rather than dip further. If the bulls manage to break the key resistance at $0.65, then XRP could rally up to $0.70.

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    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.
    Tags: Ripple (XRP) Price
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    About The Author

    Duo Nine
    More posts by this author

    Duo Nine is a seasoned cryptocurrency technical analyst with over five years of experience in price action trading. After buying his first Bitcoin in 2014, Duo never left the blockchain ecosystem. You will find him posting charts most of the time and hanging out on his Discord crypto community. Contact: Twitter

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