Ripple price has been trading lower since January 18. I even pointed out last week that it lost around 4% in a single day’s trading. However, looking at the short-term technical setup of XRPUSD, the cryptocurrency looks like it could soon find bids in the market.
On the hourly time frame, the short-term uptrend on XRPUSD still looks intact. (Let us also not forget that it recently broke resistance at a major falling trend line). In fact, when you connect the recent lows on the cryptocurrency from January 3, January 10, and January 13, there could be near-term support around $0.2270. This price also previously served as resistance on January 6. Additionally, it also seems to coincide with the 200 SMA. Reversal candlesticks around the area could mean that ripple price would soon rally to their multi-month highs at $0.2540. If there are enough buyers in the market, the cryptocurrency could even head to its October highs above $0.3000.
However, a strong bearish close below the most recent low at $0.2210 on January 16, could indicate that XRPUSD may soon fall to support at $0.2090. If support does not hold there, we could even see ripple prices drop lower to its January 2 low at $0.1840.