Ripple's XRP is down, the price of the token is correcting

Analysis of the Ripple XRP course on 02/17/2020.

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1 Ripple's XRP price may continue to drop slightly

2 The price of XRP towards a new increase

The value of Ripple's XRP has recently declined. The price of XRP has dropped below $ 0.3000 and may continue to fall slightly in the short term only. This drop in the price of XRP comes after bear markets have released support of $ 0.3000 against the US dollar. The price of XRP then reached $ 0.2677 and is currently correcting its losses. Two downtrend lines form with resistance close to $ 0.2950 and $ 0.3000 on the hourly chart of the XRP / USD pair (Kraken source data). The price of XRP must then soon rise above $ 0.3000 to start a new increase in the next sessions, and find a high value.

2019/2020 Graph

Ripple's XRP price may continue to drop slightly

Over the past 3-4 sessions, Ripple has faced increased sales pressure below $ 0.3200. Consequently, the XRP value has dropped below support levels $ 0.3050 and $ 0.3000. In addition, prices closed below the support of $ 0.3000 and the simple moving average of 100 hours. The price of XRP fell about 10% and traded at the $ 0.2677 level. Nevertheless, a upward correction above the $ 0.2800 level has recently emerged, proof that the value of the Ripple will go up soon.

The 50% fiber retracement level of the recent drop from $ 0.3194 to $ 0.2677 acts as a challenge that Ripple and the bull markets are facing. Therefore, bulls need to gain ground above the resistance levels $ 0.2950 and $ 0.3000 to bring the price back to a positive area. The first key support is close to the level of $ 0.2800. It is therefore possible that a further drop in the XRP will occur in the coming weeks, but which will be a kind of springboard to bounce back better and seek a second increase.

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The price of XRP towards a new increase

As mentioned, the bull markets must gain ground above the resistance levels of $ 0.2950 and $ 0.3000. If they succeed and Ripple's XRP stabilizes above $ 0.3000, there could be a further token price increase. The next key resistance is near the $ 0.3200 zone and the 100-hour simple moving average, above which the price could revisit the resistance zone of $ 0.3400.