XRP Starts a Bumpy Ride to its Price Recovery

Fibo Quantum

  • Ripple is moving up with a bit bullish impact, recently saw support at $0.2799
  • XRP started its price recovery yesterday, faced rejection above $0.2914
  • Ripple coin is currently battling with resistance above $0.2860
  • XRP coin is tracing an uptrend with an impulse pattern

Yesterday, Ripple price has witnessed a notable price jump from $0.26 against U.S.Dollar. The XRP price rise might have taken place due to Bitcoin’s price leap from around $10,160 to above $10,400.

Ripple’s price moves of yesterday morning were pretty bearish as the coin was trading around $0.2655. Though the upward price shift above $0.28 caused XRP to close as high as $0.2826. It also had an upswing to $0.2914 with an increase of more than 10%. However, the coin could not clear the resistance levels above $0.2914 and then pulled back.

Today, the price of Ripple price saw a drop at $0.2799 and it seems to have found a decent support level there. After an upward correction, XRP price is at $0.2885 at 04:09:22 UTC.

XRP/USD Price Chart by TradingView

Ripple Price Chart
Ripple Price Chart

Ripple’s current price is 11.06% lower than its 50-day SMA of $0.3244 and is slightly above its 5-day SMA. At present, XRP’s short-term SMA (5-day) is above its long term SMA (50-day), which points out to the current bullish nature of the coin.

Despite the initialization of its price recovery, XRP coin is still trading under selling pressure. The coin is attempting to trade above $0.29 but is facing hurdles above $0.2860.

Ripple Price Prediction & Technical Indicators:

MACD chart for XRP/USD pair is moderately volatile and is in bullish zone with its MACD line above the signal line. RSI for the coin is near 70 indicating an overbought momentum. Ripple may see resistance at $0.293 and $0.3035 and support levels at $0.2678 and $0.2531.