Ripple market overview: XRP/USD goodbye $0.32, hello $0.28
|- Ripple embarks on again trimming exercise slashing 7% of its value on Wednesday.
- The RSI correction from the overbought conditions suggests that selling activity gaining momentum.
Ripple is making a comeback into the rags just as quickly as it ascended to the riches. The gains accrued from earlier in the week majestically cleared multiple resistance levels starting with the simple moving averages. The further upward movement pushed the price above the $0.26, $0.27 and $0.28. The most important was the return above $0.30 as well as the coveted $0.32 level.
The bullish leg extended to highs around $0.3270 towards the close of the American session on Wednesday. However, the trading from the Asian session on Thursday has been strongly bearish. In fact, XRP is trading at $0.2910 after adjusting positively from an intraday low of $0.2868.
The relative strength index retreat from the overbought conditions signifies a rising selling influence. However, the downside appears to be capped above the average (50) which means that XRP is likely to slide into a sideways trend or correct upwards.
The moving average convergence divergence (MACD) in the same range shows that the sellers are slightly favored at the moment. Notably, is not over for the bulls according to the wide gap of the 50 SMA four-hour above the 100 SMA.
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