Ripple market update: XRP/USD holding ground above $0.3
|- Ripple embraces intense support at $0.30 as the bulls glance north.
- Diminishing buying power lost momentum at the 100 SMA 1-hour leaving $0.3150 unconquered.
Ripple bulls are glancing higher following an eventful weekend session. Ripple continuously formed a lower high pattern but intense support at $0.30 had the downside strongly protected.
A brilliant move emanated from the support at $0.30. XRP/USD stepped above the 50 Simple Moving Average (SMA) 1-hour char. However, diminishing buying power lost momentum at the 100 SMA 1-hour leaving $0.3150 unconquered.
At press time, Ripple teeters at $0.3096 following a subtle 0.63% decline on the day. The immediate downside is supported by the 50 SMA while the upside is capped at the longer-term 100 SMA.
Technically, Ripple is poised for a thrust north but nothing sharp and rapid. The Moving Average Convergence (MACD) is almost crossing into the positive. This signalizes a growing bullish moment. Moreover, the Relative Strength Index (RSI) is leveling at 50 after failing to make progress above 60 earlier today.
On the downside, $0.30 remains the tentative support area. Extended declines will find support at $0.29 and $0.28 respectively.
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