Ripple market overview: XRP/USD recovery dealt a massive blow, capped under $0.27
|- Ripple finds solace above $0.26 support after bears drill holes in other support zones.
- The RSI’s retreat towards the average will suggest bulls are gaining traction against the bears.
Ripple bears continue to drill holes in key support areas. Last week’s attempt to correct above $0.3 hurdle miserably failed to gain traction above $0.29. For this reason, the price action that followed has been strongly bearish endangering viable support areas.
At the time of writing, Ripple price is holding ground above $0.26 while the immediate upside is capped under $0.27. the prevailing trend is slightly bullish but inclined towards making sideways trading.
Read also: “Bitcoin is here to stay,” Says Morgan Creek Digital’s Pompliano
Looking at the hourly timeframe chart, the Relative Strength Index (RSI) leveling slightly below 30. Retreat towards the average will suggest bulls are gaining traction against the bears. Moreover, it is vital that the buyers increase their positions to push XRP above $0.27. Besides, trading above the short-term descending trendline could give the price a boost above the moving averages. Importantly, the best bet for Ripple is to see the price above $0.30.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.