Ripple Price Forecast – February 24
Ripple’s price is facing south as an additional downside is likely to hit the critical support level at $0.60.
Resistance Levels: $0.85, $0.90, $0.95
Support Levels: $0.50, $0.45, $0.40
XRPUSD – Daily Chart
XRP/USD is seen falling below both the 9-day and 21-day moving averages as the coin prepares to create more lows before it can initiate another rally. After struggling to reach the high of $0.70 today, Ripple price begins a slow and steady decline towards the south. Therefore, as the coin faces another new bearish move, it could hit key support at $0.60 and the price could move into a longer-term bearish zone.
Ripple Price Forecast: Ripple price ready for more dips
At the time of this writing, the Ripple price is currently changing hands at $0.65 and any attempt to stay below the 9-day and 21-day moving averages could likely take it to the lower bound of the channel. However, traders may experience a quick buy if the trade hits the support at $0.60, but traders should keep an eye out for the $0.85, $0.90 and $0 resistance levels. .95.
Also, if the price does not rebound, a bearish breakout is likely to trigger more sell opportunities for traders, which could cause the price to retest $0.55 and could drop further to the support levels of $0.50, $0.45 and $0.40. The Relative Strength Index (14) technical indicator is moving to cross below the 40 level and if the signal line moves lower, the currency could fall further.
Against Bitcoin, Ripple’s price is seen falling as the coin remains below both the 9-day and 21-day moving averages. However, if a rally occurs, Ripple price could face an uptrend and the bullish move could take the coin to the resistance level of 2100 SAT and above.
XRPBTC – Daily Chart
However, if the bulls fail to maintain the bearish move, the coin is likely to fall towards the lower boundary of the channel, and the closest support level could be located at 1600 SAT and below. On the contrary, the Relative Strength Index (14) technical indicator is likely to cross below the 50 level, to indicate further bearish movement.
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