Ripple bears send XRP back to December lows: Bulls fiercely fight back
|- It is only a matter of time before XRP/USD steps above $0.3.
- Ripple’s XRP is building up a bullish momentum.
Ripple has been trending lower from the highs recorded in December 2018. There have been several selloffs that have slashed the value of XRP in the past several weeks. The declines on Monday this week sent the digital asset back to the lows traded in December 2018 around $0.28. While Ripple recovered significantly from main support (lows of December 2018), recovery from the fresh declines is still limited below $0.30.
However, the bulls are fighting back and Ripple is trading at $0.2901. It is only a matter of time before a break is made above $0.3. At the moment, XRP is building up a bullish momentum, although it is not a strong one. The Relative Strength Index (RSI) upwards after retreat from the oversold where it had hit lows of 20.51 yesterday. The Directional Movement Index (DMI) (4-hour range) in a range at 67.68.
A break above the immediate resistance at $0.30 will meet resistance at the 4-hour 50-day Simple Moving Average (SMA) currently at 0.3116. More resistance will be encounter at the 4-hour 100-day SMA at $0.3200. The supply zone at $0.34 is both a psychological level and a breakout that if cleared could open the door for XRP to retrace the steps towards $0.4.
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