Ripple needs strong and substantial momentum on the upside to get the bulls back on the track. The XRP coin had a noticeable uptrend yesterday, and today it has been correcting downwards, holding a bearish bias for the short-term.
The currency had a 2-day high price mark at $0.2029 yesterday and lowest price mark at $0.1969. The XRP coin has just bounced back from the lowest mark. While the one-day price chart of XRP shows corrections after an upward rally, the last four-hour price chart of the same shows an exact opposite pattern of the coin.
The altcoin right now is testing is resistance above $0.19. In the last couple of days, the Ripple price has remained range-bound between $0.20 to $0.19. It is high time that XRP looks for a bullish breakout above $0.22, although market support is crucially required for the same.
At 08:00 UTC, the currency managed to claim the $0.20 price mark, but a recent pullback has taken the XRP price well below the same price level. The coin has witnessed a decline of more than 2% over the last four hours. A support level has been formed at $0.1965 from where it is rebounding already. A sustained uptrend from here can easily take the price above $0.21; however, a safe distance from bears is a must.
Technical indicators of XRP are in the negative area as the coin is slightly below the 200-day EMA line. Also, the MACD indicator is on the downside.