Ripple price analysis: Rises from the ashes, hits a snag at $0.52
|- Ripple reclaims position above $0.5 but hits a dead end short of $0.52.
- A reversal is imminent in the short-term; buyers must defend $0.50 support to avoid more breakdown.
Ripple creeped below $0.5 during the evening (GMT) trading session on Thursday. As discussed in a price analysis published by FXStreet earlier today, the world’s third largest crypto found support at $0.49 before resuming the uptrend that has cleared the resistance at $0.50.
The digital asset can be seen trading at $0.512 while using the initial weak support at $0.510. The price is above both the hourly simple moving averages (50 and 100) both of which will work as support lines in case of dips towards $0.50.
The bullish trend has slowed down, unable to break past the immediate resistance at $0.52. The previous high at $0.55 is the critical resistance that is broken will clear the path for movement above $0.6. Ripple has in the past couple of months put a smile on the community with incredible gains defying the long-term market bear trend. The sentiment change towards XRP is mainly caused by the developments the company is making in ensuring that the traditional financial sector is revolutionized.
A look at the chart of XRP/USD shows that a reversal is imminent in the short-term. The buyers can however, prevent this buy ensuring $0.5 support is defended at all cost. Below this level Ripple could breakdown further to test $0.45 and eventually $0.4.
XRP/USD 1-hour chart
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