Ripple market update: XRP bulls keep $0.4000, but lack follow-through
|- Saturday’s early sell-off appears to have stalled, but a dead cat bounce?
- Bulls run into 50.0% Fib level of the latest decline on hourly chart.
Not so long ago the crypto space felt the weekend love receding, the bulls jumped in for rescue that prompted a recovery in the Ripple (XRP/USD) in tandem with its rival coins. The latest sell-off from near $0.4243 levels found buyers just ahead of the $0.4000 level.
Over the last hours, the price attempted a tepid recovery only to fizzle out near 0.4120 region, where the 50% Fibonacci retracement of the latest decline and the 21-hour Simple Moving Average (SMA) act as a major resistance zone. The sellers are seen taking back charge, as the coin drops below the 38.2% level, on its way to test the 23.6% Fib placed at 0.4058. A break below the last will confirm the latest bounce a dead cat one and expose the 0.4000 handle once again.
Only a break above the mentioned resistance area near 0.4120 will power the bulls once again to resume the upside momentum towards the 0.4250 barrier. Other technical indicators, as observed on the hourly sticks, such as Relative Strength Index (RSI) trades flatlined at the 50 mark, suggesting that recovery may have lost momentum.
XRP/USD 1-hour chart
Levels to Watch
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