Can the Value of Ripple (XRP) Bounce Back Soon?

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The value of Ripple (XRP) is under selling pressure as it’s now trading at a tight range against Bitcoin (BTC) and the US dollar. The value of XRP against the US dollar might extend its present downward movement towards the support level $0.46.

Ripple Price Today: Current Price of XRP

At the time of writing, Ripple, the third most valuable digital currency by market cap is trading at $0.47 after a decrease of 4.5 percent in the last twenty-four hours. The digital currency has a market cap of $18.34 billion and a trading volume of $258.79 million over the past twenty-four hours.

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Ripple (XRP) Price Analysis

Over the past couple of days, there has been a significant increase in the value of the coin as it surged over the 45 cents mark. The digital currency surged over the 50-cent resistance level and started trading close to the 52 cents mark.

The digital currency later started a downward movement and broke the support level at 50 cents. There was also a close beneath the 50 percent Fibonacci retracement level from the previous swing from the low of $0.4522 to the high of $0.5195. This paved way for more losses and the value of the coin settled beneath the 48 cents mark.

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Nevertheless, the downward movement was stopped close to a key bullish trendline with present support at the 46-cent marks – according to the 2-hour chart of XRP. In addition, the 50 percent Fibonacci retracement level of the previous swing from the low of $0.4230 to the high of $0.5201 also played its part very well.

A break below the present support at the 46 cents mark may push the value of the coin back into the bearish territory. On the upside, if the digital currency could hold above its position, then it could bounce back to the 50 cents mark in the near-term.

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