Ripple price analysis: XRP/USD conquers $0.4 again; are these gains going to hold?
|- Ripple pivotal motion around $0.4 is mentally demoralizing the buyers.
- The RSI retreat from the oversold means that the path of least resistance is downwards.
- XRP/USD bulls still have the energy to defend $0.40 support in the short-term.
Ripple up and down action around $0.4 is becoming mundane especially for the bulls who would like to see the third largest cryptocurrency trading above $0.5 before the end of June. The incredible performance of Bitcoin in the last couple of days has been largely ignored by XRP.
Meanwhile, XRP/USD pushed against the resistance at $0.4 following the correction from $0.3900. Ripple has been forming a higher low pattern since the beginning of the week where the trendline has been key to the upward sloping trend.
Correction above the 100 Simple Moving Average (SMA) at 0.3971 and the 50 SMA 1-h at $0.4 reignited the bullish momentum sending XRP towards $0.41 hurdle. Attempts for higher correction has not been able to make any significant gain above $0.41, instead, the price is moving lower towards $0.40 support.
Technical indicators suggest a retracement in the current and the coming sessions. The RSI retreat from the oversold means that the path of least resistance is downwards in addition to the bulls being demoralized and exhausted due to the failure to break above $0.41. However, the MACD is sitting comfortably above in the positive region suggesting that the buyers still have the power to defend $0.40 support which is key to higher correction in addition to avoiding declines towards $0.39 and $0.37 support areas.
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.