Ripple market update: XRP bulls wake up in assault of $0.4200 hurdle
|- The mid-week plunge saw XRP/USD explore the levels under $0.4000.
- The bulls are targeting a break above the 38.2% Fib level on Friday ahead of the weekend session.
The cryptocurrency market has been having a special relation with weekend sessions. The mid-week plunge saw XRP/USD explore the levels under $0.4000. The buyers found bearing $0.3800 key support which has allowed them to push for a reversal above the $0.4000 level.
In spite of the correction, Ripple is trading under the moving averages; the 50 Simple Moving Average (SMA) 1-h will offer resistance at $0.4386 while the 100 SMA will stop corrections above $0.4500. Other technical indicators are positive as observed on the 1-h chart for XRP/USD trading pair with Relative Strength Index (RSI) moving horizontally above the average following a gradual recovery from the overbought.
The Moving Average Convergence Divergence (MACD) is moving higher from the low levels seen yesterday. If the MACD crosses above the mean line, Ripple will have the strength to jump above $0.4200. The bulls are targeting a break above the 38.2% Fib level taken between the last swing high of $0.4945 and swing high $0.3893 close to $0.4300.
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