Ripple price analysis: XRP/USD recovery hits a snag at $0.2550, where to next?
|- Ripple struggles to hold on to the minor gains made on Thursday.
- Indicators show XRP leaning to the downside especially after the rejection at $0.2550.
Ripple is slightly in the green towards the end of the Asian session on Thursday. The bullish action started around $0.2502 but fizzled out at $0.2533. The third-largest crypto has explored intraday lows around $0.2486. However, XRP is still holding on to the subtle 0.63% gains on the day.
XRP/USD is doddering at $0.2525 above the immediate 50 Simple Moving Average (SMA) support on the 1-hour chart currently at $0.25144. The recovery stalled shy off $0.2550 leaving the resistance at the 100 SMA at $0.2564 untested.
Meanwhile, a short term ascending trendline is offering support. The support has been vital to the ongoing shallow since. If tested, XRP is expected to make a bounce upwards. The Relative Strength Index (RSI) failed to sustain movement towards 70 and is treading towards the average.
The Moving Average Convergence Divergence (MACD) suggests sideways trading is the next course of action for XRP. Therefore, XRP is likely to stay between $0.2500 and $0.2550 in the coming sessions.
XRP/USD hourly chart
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