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.
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.
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.