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Ripple (XRP) Price Analysis: XRP Bears Pushing for Further Downside

At the time of writing this article Ripple (XRP) was trading at $0.2564 against the United States Dollar (USD). The coin was showing a negative and downward fall of -0.78 per cent. The market cap of the coin was $10.2 billion United States Dollar (USD) and the 24 hours trading volume of the coin was 39.9 billion. Yesterday the coin was supposed to cross the $0.2560 resistance level but it did not accomplish the target. Instead, the coin moved to $0.2620 support level.

The coin now has broken the 50 per cent Fib retracement level moving above $0.2509 mark and is trading above that level now as shown. The coin has made major move but if the price falls it can move to a low support level of $0.2540 and further down to a support level of $0.2500 level.

The next resistance level of the coin is at $0.2600 and further the resistance level of the coin is at $0.2605. The positive thing is that if the price of the coin rises up to $0.2620 against the United States Dollar (USD), then the coin can test the resistance level of $0.2650.

Seeing the chart it can be said Ripple (XRP) is remaining mainly on the low side. The coin is struggling to cross the $0.2580 which remains the main hurdle for the coin. But once the coin cross this level it can trade at $0.2600 and further at $0.2605 and even at a higher price. The MACD indicator of the coin is in the bearish zone and the Relative Strength Index (RSI) is below 50 marks also in the bearish trend.

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About Ritika Sharma

Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

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