Ripple Market Update: XRP/USD suffers rejection at $0.25, where to next?
|- Ripple seeks balance above the 50 SMA in the 4-hour range following the sharp rejection from $0.25.
- The past of least resistance is to the south and is risking the support at $0.23 and $0.21.
Ripple embarked on a journey to break barriers over the weekend to the extent of testing the $0.25 critical resistance zone. Lack of enough buying power coupled with increased selling pressure, saw XRP rejected from the January peak to levels close to $0.23. The ascending trendline support, once again rose to the rescue of the bulls. This prevented declines below the 61.8% Fibonacci retracement level of the last drop from $0.2542 to lows around $0.1855.
The third-largest crypto has a market cap that stands at $10 billion at the time of writing. The total exchange-traded volume is $2 billion as shown by CoinMarketCap. In the last 24 hours, XRP has lost 5% of its value. However, the Asian trading session on Monday experienced considerable bearish action, resulting in a 1.7% loss.
Ripple price is doddering at $0.2317 while seeking balance above the short term support at $0.2300. Prevailing technical levels clearly that the bears are in control now. The same downward momentum is reflected by the RSI which has breach the level of support at 50. Ripple bulls must defend the support at $0.23 at all costs, since the next support seats at $0.21 and $0.20, respectively.
XRP/USD 4-hour chart
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