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Ripple Price Analysis & Prediction (Feb 13th) – XRP Corrects Lower, Looking for a Solid Rebound Level

Amid the latest bloodbath across the crypto market, Ripple saw a heavy drop and lost key support levels daily. It marked a multi-high in January and now looking for a solid rebound level.

XRP has registered a substantial gain in the past month following a sharp recovery from $0.3. However, the price faced a lot of hurdles due to low commitment from the bulls’ side.

However, it managed to touch the $0.43 mark level on January 23 but failed to sustain pressure due to rejection. This led to a fall below the psychological level of $0.4 after days of consolidation. The price retraced and closed briefly above that psychological level.

This month, XRP initiated another short at $0.42 and lost roughly 7% to mark a low at $0.373 yesterday. This setup suggests that the bears are now taking charge. We should expect more correction if the asset continues to lose momentum.

As shown on the daily chart, the volume indicator has been fading since the price surged to around $0.56 in late September 2022. This indicates a weakness in price.

But if Ripple can find a solid rebound above the $0.35 level, a huge price movement will likely occur with a potential head and shoulder pattern to form a nice bullish pattern. Even though the scenario fails to play, there is still hope for the bulls as long as the price stays above the recovery level.

Ripple’s Key Level To Watch

ripple xrp price analysis
Source: Tradingview

The $0.373 level is held as support. If XRP further loses momentum, especially below the above level, the next sell point is expected at $0.352. Lower support is considered at $0.33.

Yesterday’s breakdown area of $0.39 – $0.397 now serves as resistance in case of a retest. The resistance level above that price area is $0.42. Ripple will have to reclaim January’s resistance before it can resume bullish towards $0.444 and $0.48.

Key Resistance Levels: $0.397, $0.42, $0.444

Key Support Levels: $0.373, $0.352, $0.33

  • Spot Price: $0.384
  • Trend: Bearish
  • Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Image Source: pitinan/123RF // Image Effects by Colorcinch

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