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    Home » XRP » Ripple Price Analysis: XRP Eyes Critical $0.7 Support Following 14% Weekly Drop

    Ripple Price Analysis: XRP Eyes Critical $0.7 Support Following 14% Weekly Drop

    Author: Duo Nine

    Last Updated Jan 10, 2022 @ 13:28

    XRP has arrived at a critical support level which may signal the completion of the correction.

    Key Support levels: $0.70

    Key Resistance level: $0.85

    After a sharp decline, XRP appears to have formed an ABC corrective wave structure with price finding good support at the $0.70 level. If the correction stops here, then XRP will likely consolidate above the key support until a breakout is attempted above the resistance at $0.85.

    XRPUSDT_2022-01-10_11-59-21
    Chart by TradingView

    Technical Indicators

    Trading Volume: The volume continued to decrease as the price fell. This shows sellers are no longer interested to offload their positions at this price. This allowed XRP to find support and stop the downtrend.

    RSI: While the daily RSI continued to decrease, the momentum has faded, and there is a lack of conviction to go lower. Unless XRP price falls under the key support, it is unlikely for the RSI to move much lower.

    MACD: The daily MACD is bearish, but the histogram is already making higher lows. This indicates that the selloff might be over, and a consolidation period can take place.

    XRPUSDT_2022-01-10_11-59-49
    Chart by TradingView

    Bias

    The current XRP bias is neutral. The price seems to have found good support above $0.70, and it seems less likely for XRP to fall lower at this time.

    Short-Term Prediction for XRP Price

    The most probable scenario for XRP is to move sideways and consolidate between the key support ($0.70) and resistance ($0.85). This could take place until the end of January based on the current market structure.

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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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