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Ripple Price Analysis - XRPUSD Declines From 2020 High at $0.26

Ripple Price Analysis - XRPUSD Declines From 2020 High at $0.26

Ripple price climbed to a new 2020 high at $0.2614 before correcting lower. However, the XRPUSD pair has bounced back nicely after testing an important support level near $0.240. What can XRP traders expect next? Gain insight into today’s technical analysis

February 4, 2020, | AtoZ Markets – Yesterday, February 3, the price of Ripple (XRP) broke above the $0.240 level and extended its rally towards the $0.250 resistance.

Ripple price analysis – XRP flash-crashed to $0.240

Moreover, XRP bulls continued the uptrend and pushed the price above the $0.250 towards the $0.260 resistance levels. Therefore, dips remain well supported on the downside near the $0.240 level. However, looking at the 2-hours chart, Ripple price formed a new 2020 high at $0.2614 before correcting downward.

Ripple price analysis

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The bulls failed to gather enough momentum and the price declined from $0.260 and $0.240 support level before resuming the uptrend. At the time of writing this Ripple price analysis, the coin is changing hands at the $0.25 level.

Ripple price signaling upside continuation

On the upside, buyers will need to make a sustainable move above $0.260 as soon as possible to avert an immediate bearish trend. Nevertheless, for the upside to gain traction, the bulls need to regain control of the market above $0.270, $0.280 and $0.290 resistance levels.

On the downside, if there is a break below the trend line, $0.240, then there is a risk of a large decline. However, traders will also need to keep an eye on the next major support is near the $0.220 and $0.221 levels.

Technical indicator

In the meantime, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.

Key resistance levels: $0.270, $0.280, $0.290

Key support levels: $0.220, $0.210, $0.200

Will Ripple price retest the $0.300 resistance soon? Add your comments below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ, nor should they be attributed to AtoZMarkets.

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