Ripple price analysis: XRP/USD reversal towards $0.320 is imminent
|- Ripple is range bound below $0.34; possible is to the south in the near-term.
- The buyers are hanging to a lifeline support at $0.330.
There was a break out of the falling wedge pattern discussed yesterday. Ripple continued with the upward movement but turned bearish short of $0.34. The price embarked on a downward movement below the short-term support at $0.35. During the Asian trading hours, there was a break below the 23.6% Fib retracement level with the last upward swing of $0.343 and a low of $0.332.
The declines continued but the buyers entered at the swing low. XRP/USD is staging a recovery above $0.330, besides Ripple has cleared the resistance at the above mentioned 23.6% Fib level. The movement to the upside is facing significant resistance at the 50SMA (15-minutes) at $0.336.
A reversal towards $0.330 is imminent in the short-term, besides both the stochastic and the relative strength index (RSI) have changed direction downwards to show that the number of selling entries is rising. Ripple has a chance to redeem the uptrend at the lifeline support highlighted at $0.330 otherwise, XRP/USD could test $0.32 support and further breakdown will bring it to $0.30
XRP/USD 15-minutes chart
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