XRP Price Jumped After a Sharp Plunge

Fibo Quantum

  • The 7-hour price chart shows positive signs; a slow but steady bull-run can be anticipated
  • Ripple price dropped from its price above $0.30 and found support at $0.2997
  • Since yesterday night, XRP price is remaining above $0.31 steadily
  • The next couple of hours can be critical to determine whether the coin will take further surge, or will fail to clear resistance around $0.32

Ripple is trading with a stable pace against the U.S Dollar except for yesterday’s sharp price drop followed by the rebound. Meanwhile, Bitcoin has also started to move upward but is far below 10,000 at present.

At 21:07 UTC yesterday, XRP coin was at $0.3080 and it slipped to $0.3064 over 1 hour and 21 minutes. Ripple price then sharply tumbled to $0.2997 which is where Ripple coin has found a decent support level. From here, the XRP coin jumped to $0.3140 while clearing resistance near $0.30.

Here, XRP has struck an increase of 4.94%. After that, the XRP price pulled back to $0.3080 and then corrected up reaching above $0.31. At present, the coin is trading at $0.3121 at 04:03:34 UTC.

XRP/USD Price Chart:

Ripple Price Chart
Ripple Price Chart by TradingView

Ripple has been trading under prolonged selling pressure and the coin is 17.71% lower than its 50-day SMA of $0.3793. While its current price is just below its 5-day SMA.

XRP is maintaining its price above $0.31 having support near $0.29. It appears that the Ripple coin is facing hurdles above $0.31 as it has not crossed $0.32 price point yet.

Ripple Coin Technical Indicator:

MACD chart of Ripple coin shows a lack of volatility and is having its MACD line above its Signal line, showing bullish price movement. Though it is in the bearish zone. RSI for the coin is near 60 showing no extremities. XRP may see further resistance at $0.3152 and $0.3183 and support at $0.3066 and $0.3011.