Ripple price analysis: XRP/USD forming a higher low pattern
|- XRP/USD short-term target is set on $0.50 although sideways trading will take center stage.
- The MACD is heading south towards the negative as the bears continue to gain traction.
XRP/USD trading pair has commenced the month of June in the positive in spite of the correction seen just before the end of May. Before the declines, the price had found support at $0.36 after the initial devastating fall following the surge in the price that saw XRP correct close to $0.50. Attempts have been made to clear the resistance at $0.50 but have been thwarted by selling pressure.
The recent fall did not find support at $0.45 and $0.42. However, the bulls found bearish at $0.41 but reversed the trend at $0.4017. A reversal that occurred stepped above $0.4600 but has been limited below $0.4700.
Meanwhile, XRP is trading at $0.4419 supported at the 50 Simple Moving Average (SMA) 1-hour and the 100 SMA 1-hour. The rising trendline is also positioned to offer support. On the upside, a correction above $0.4600 will pave the way for a correction above $0.47 (seller congestion zone).
In short-term, the target has been set on $0.50 although technically the price is inclined to trend sideways. The RSI is horizontal at 48.38 after being rejected from the overbought. The MACD is heading south towards the negative as the bears continue to gain traction.
XRP/USD 1-hour chart
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