- Ripple price dropped below $1.00, now trading at around $0.94
- XRP failed to keep its momentum for the past few days, now down by almost 12% in one week
- The current price could represent a good entry point for XRP investors
Ripple Back Below $1.00
On Wednesday, Ripple failed to keep its positive momentum and sank below the pivotal $1.00 price level. Over the past seven days, XRP price went down by nearly 12% despite reaching a high of $1.20.
However, this could also be viewed as a good entry point. The startup has been racking up deals with various money transfer firms and financial institutions lately, and it just added five more partnerships today. The recent price drop could just be a blip caused by a short-term market-wide selloff affecting all the major cryptocurrencies.
At the moment, XRP is holding down a support at $0.935, while a resistance is established near $0.97. Although it’s still on a bearish trend, Ripple could still test its resistance soon, and a break above this level would send XRP back above $1.00. The MACD indicator also shows that a bullish reversal is likely to happen.
Looking at the Technical Indicators:
- Hourly MACD — A bullish signal is shown by the MACD and signal line crossover
- Major Support Level — $0.935
- Major Resistance Level — $0.97
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