Ripple price analysis: $0.24 unbeatable support rescues XRP/USD bulls
|- Ripples recent consolidation above $0.3 opened the Pandora box with losses hitting $0.24.
- To escape the bear pressure, Ripple has to reclaim the position above $0.30.
Ripple joined other major cryptocurrencies in adding sorrow to a bleeding market. The consolidation above $0.30 level culminated in acute declines at the Bollinger Band constriction. The painful downtrend bled the bulls dry as they pushed against vital support areas at $0.28 and $0.26.
The intense pressure on key support levels saw $0.24 support tested for the first time since August 2018. Although $0.24 has been rock-solid support, volatility is still very high across the market. For this reason, If Ripple fails to correct above $0.30 in the short-term, potential for declines towards $0.2 is immense.
Ripple price technical picture
Looking at the 4-hour chart, XRP/USD path of least resistance is still south. Technical indicators are strongly bearish accept for the Relative Strength Index (RSI) which has hit oversold levels. Emergence above the oversold could signal more buying orders.
On the other hand, the Moving Average Convergence Divergence (MACD) has a wide negative divergence. This means that bear pressure is still high despite the shallow recovery to $0.26 (current market value). To escape the bear pressure, Ripple has to reclaim the position above $0.30.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.