Bitcoin has corrected back to the $8500-$8300 price range after it surged above $9000 from $7269 over the last 25 days. Resonating the same to a certain extent, Ripple cryptocurrency has recently seen a pullback below $0.23 after it went above $0.24 against US Dollar.
Notably, after the prolonged bearish spell of the crypto market, which lasted at least till the end of 2019, 2020 holds many hopes of an ample market recovery.
XRP price was as low as $0.1930 in the first week of January, and it took a few spikes above 0.22, $0.23 and $0.24 forming a clear higher high pattern. After this strong bullish sign, the currency faced a rejection above $0.2483 and sharply pulled back below $0.23.
After a steady downward correction, the coin found a support level of $0.2140 yesterday. Today, the XRP coin has again formed a dip at $0.2169 before resuming the recovery.
Will XRP Replicate 2019’s Surge?
The 1-week chart largely exhibits the price decline of Ripple crypto. The coin steadily dropped from $0.2485 and broke major support levels, which are between the Fib levels of 50% and 61.80%. XRP has already tested support level at $0.2144, the 0% Fib level. Yesterday, the coin faced resistance above 0.2245 and today, the currency has started to move up from $0.2175. Here, the price has uplifted its support level forming a lower low.
Technicals
The short-term SMA line is above the long-term SMA line noting a bullish vibe as per the 1-month price movement. Bollinger bands are widening, noting a volatile phase while the MACD line is above the signal line. However, the MACD indicator is in the bearish zone right now.
