Ripple market update: XRP/USD defies Bitcoin surge as it gives in to bear pressure
|- Ripple continues to trend opposite to Bitcoin price and other major cryptocurrencies.
- clearing $0.3100 level Ripple could gain the strength to attack $0.3200 in the short-term.
Ripple continues to trend opposite to Bitcoin price and other major cryptocurrencies. The Asset has been trimming gains from the highs of April 2019. There have been attempts to reverse the trend but Ripple ends up suffering the most. The price is maintaining a downtrend in a descending channel on the 4-hour chart.
Marginally above the current value $0.298, the first resistance sits at $0.3000. The second hurdle is the 100 Simple Moving Average while 50 SMA will hinder corrections at the confluence with the channel resistance. Another critical level is $0.3100; by clearing this level Ripple could gain the strength to attack $0.3200 in the short-term.
As far as support is concerned Ripple’s initial support is $0.2900. Second support is $0.2800 and the third support is seen at $0.2600.
The MACD 4-hour chart is in a downtrend in the negative region. Hence, Ripple could stay in the bear range in the coming sessions.
XRP/USD 4-hour chart
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