Ripple market update: XRP/USD calm after the storm; a reversal is in the offing
|- Ripple’s failure to sustain growth past $0.32 resulted in a trend reversal that broke past $0.31.
- XRP bulls are intentional in pushing the price above $0.32 hurdle.
There is a semblance of calmness in the cryptocurrency market on Friday. The calmness comes after a flash drop occurred yesterday where cryptocurrencies like Ripple, Ethereum and Bitcoin explored lower levels. For example, Ripple’s failure to sustain growth past $0.32 resulted in a trend reversal that broke past $0.31 support and tested the key support at $0.30 as discussed in this price update.
However, the bears lost control of the market slightly above $0.30 leading to a quick comeback. XRP/USD pulled above $0.31 but failed to move past the 50 SMA 15-minutes. A lower correction ensued moments after before the price found balance above $0.3080.
At press time, Ripple bulls have revived the uptrend above the 50 SMA 15-minutes resistance and are intentional on pushing the price above $0.32 hurdle. A struggle is expected at the 100 SMA 15-minutes.
The RSI is heading upwards to the overbought while the MACD on the same 15’ chart is almost crossing into the positive zone. The bulls have the control, for now, but take note of the bearish pressure that is still quite present. Ripple bulls must find support above $0.31 to prevent decline towards the vital support at $0.30.
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