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    Home » XRP » Ripple Price Analysis: XRP Facing Crucial Support Level As Bears in Control

    Ripple Price Analysis: XRP Facing Crucial Support Level As Bears in Control

    Author: Duo Nine

    Last Updated Jan 31, 2022 @ 13:45

    XRP failed to push higher despite a temp recovery and dropped back towards the key support.

    Key Support levels: $0.58, $0.50

    Key Resistance level: $0.65, $0.70

    XRP is facing once again the critical support level at $0.58 after the price broke down from its consolidation phase over the past few days.

    This drop was followed by low volume; however, any weakness here may trigger a further breakdown. The resistance sits at $0.65 and is unlikely to be tested sometime over the next few days.

    XRPUSDT_2022-01-31_15-05-39
    Chart by TradingView

    Technical Indicators

    Trading Volume: XRP suffers from a minimal amount of volume, and buyers have been unable to move XRP’s price higher. Volume has also been declining since the sell-off on January 22.

    RSI: With this latest drop in price, the daily RSI fell into the oversold area, and this shows weakness in the price action.

    MACD: The daily MACD is bearish, and now the moving averages and histogram are expanding. This indicates on a bearish price action.

    XRPUSDT_2022-01-31_15-05-06
    Chart by TradingView

    Bias

    The current XRP bias is bearish, as indicators show weakness and bears appear to have the upper hand and control of the market.

    Short-Term Prediction for XRP Price

    After some hesitation and consolidation in a tight range, XRP fell back to the critical support at $0.58. If buyers cannot keep XRP above this key level, then XRP will likely fall to $0.50 where buyers may show more strength. At the time of this post, the momentum favors sellers.

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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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