Key Highlights:

Ripple (available on Binance) 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 (available on Binance) Back Below $1.00

On Wednesday, Ripple (available on Binance) 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.

Source: Tradingview

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 (available on Binance) 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

Featured Image: Depositphotos/© rastudio

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In addition to writing financial content and analysis, Jackson has worked as a business journalist at Stockwatch and research analyst at various organizations. He obtained his MA Economics from Concordia University in Montreal and BA Economics from the University of British Columbia, with special emphasis on environmental and industrial economics.