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Ripple cryptocurrency consolidated after last week's fall, but despite an 8 percent rise, seller pressure did not let the coin rise above $1
The digital asset is traded at $0.93. Critical support at $0.82 did not allow the token to fall lower during the day's trading. The next support on the chart, in the case of a bearish trend, will be $0.75 and $0.65.
For a couple of hours, XRP overcame resistance at $0.89 (level 0.236 Fibonacci) and raised today's high from $0.872 to $0.93. However, in the area of $1 bulls face strong sales pressures. Therefore, this level is a strategic resistance to the further growth of the cryptocurrency.
The current period of consolidation came after a narrow trade in the channel formed by Bollinger Bands. XRP traded at $1.1 to $0.68.
In the long run, there is a bearish trend on the charts. Despite today's increase in the price of the token and the fact that the bulls have protected the support level of $0.75, the situation remains unsustainable. RSI is at 45 and growing, indicating that the asset is coming out of a state of oversold.
If the bearish momentum weakens, it is possible to grow more than $1. This will be a good sign for the cryptocurrency, which will be able to restore its price. This is indicated by the level of MACD, which shows a slight intersection in the short term.
The current price of cryptocurrency can be found on the Huobi exchange. It is the world's largest crypto exchange with profitable trading offers and low commissions.
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