Ripple price analysis: XRP/USD bulls hitting strongly on $0.2500 resistance
|- Ripple stays slightly in the green even as other major cryptocurrencies suffer amid widespread declines.
- The zone at $0.24 is coming out as key support but the major support lies at $0.21 - $0.22.
Ripple is showing prowess in a relatively bearish cryptocurrency market. As discussed earlier Ripple upside has been capped at $0.25 (short-term) resistance. Despite this, the cryptoasset is trading above the trendline resistance as well as the 50 simple moving average (SMA) on the one-hour chart currently holding ground at $0.2467.
The relative strength index is trending upwards above the line connecting all the lower points reached since the plunge on September 24. The current trend has fizzled out at 50 (average) and the RSI has an inclination to the south.
Glancing upwards, it is vital that that the bulls push XRP into the bullish zone between $0.25 to $0.26. Trading in this zone will allow the buyers to focus on levels around the supply zone between$0.30 and $0.32.
XRP/USD one-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.