Ripple price analysis: XRP/USD attempts a persuasive move to $0.25
|- Ripple ask refuge at $0.2350 even as the mission to find a formidable support/bottom continues.
- XRP bulls’ aim for $0.25 short term hurdle banks on the improving technical picture.
Ripple bulls have endured an avalanche of resistance waves over the last trading week. From trading above $0.28, XRP has tested the lows below $0.24. The several support areas shuttered in the bear’s mission include $0.28, $0.26, $0.25 and $0.24. XRP established brand new support at $0.2350 which is giving way to the ongoing recovery.
The compelling move is trading below the 50 Simple Moving Average on the 1-hour chart as well as the 100 SMA currently at $0.2491 and $0.2518 respectively. A short term trendline is functioning as immediate support in addition to $0.24.
The Relative Strength Index made it from the oversold and is holding ground at 46. However, the movement north appears to be taking a break with the RSI lagging in somehow a horizontal motion. On the other hand, the Relative Strength Index suggests that the bulls have the upper hand. Besides, volatility is at peak coupled with an improving technical picture as well as a bullish trend.
XRP/USD 1-hour chart
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