Ripple market update: XRP/USD lull continues as Bitcoin surges to 6-month high
|- XRP/USD is changing hands at $0.300454 while the upside is immediately limited by both the 50 SMA and the 100 SMA.
- XRP/USD likely to stay below $0.3200 in the coming sessions.
Ripple is among the assets that have not been able to escape the bear range in spite of the Bitcoin ignited rally across the market. Ripple is still trading below $0.3200, at the same time, several dips below $0.3000 continue to put the primary support at $0.2800 at risk. Ripple has become adamant of Bitcoin’s surge even ignored its incredible rise to $6,000.
XRP/USD is changing hands at $0.300454 while the upside is immediately limited by both the 50 Simple Moving Average (SMA) and the 100 SMA 4-hour. After testing $0.3200 on May 4, Ripple have been trimming gains to the extent of testing the lows at $0.297068. A slight correction from the low means that the bulls have the power to push for higher retracement.
However, technical levels show that Ripple is inclined to trend sideways while pivotal at $0.3000. The Relative Strength Index (RSI) is horizontal at 44.5 and has avoided the overbought region since the drop on April 26 when it tested the levels close to $0.2800.
The Moving Average Convergence Divergence (MACD) is also ranging slightly in the negative. However, it is at a higher level compared those reached in the last week of April. This means that XRP/USD will stay below $0.3200 in the coming sessions while defending the support at $0.2900 because $0.2800 is an over stretch for the asset considering the current technical picture.
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