Ripple market update: XRP/USD stalls at $0.22 as bears swing into action
|- Ripple bearish bias continues, putting to great risk the support at $0.21.
- The week commences with the bears in full swing action, targeting last week’s support at $0.20.
Correcting in tandem with Bitcoin, XRP increased in value above $0.21 over the weekend. The trading on Friday left the bulls battered and scared, Ripple price tested the support at $0.20 before the weekend recovery mission came into play.
Ripple is trading at $0.2129 amid the building bearish momentum. At least 1% of the coin’s value has been shed off on Monday. The immediate support remains at $0.21, although the 50 SMA currently at $0.2083 will offer much-needed support.
The Relative Strength Index suggests that the path of least resistance is to the downside. At the same time, the resistance at $0.22 will continue to be the uphill task unless Ripple bulls push the price above $0.2250 (previous week resistance) and towards $0.30.
If the ongoing correction continues, tentative support at $0.20 is expected to come in handy. Besides, the accelerated trendline (dotted) and the major trendline are in line to offer more support.
XRP/USD 4-hour support
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