Ripple price update: Reignited bearish momentum targets $0.27
|- Ripple northwards advances fail to make it above the trendline resistance.
- The Simple Moving Average narrowing gap suggests that the bulls are gaining traction.
Ripple continues to be depressed towards $0.27 (recent support). It is clear recovery towards $0.30 is nothing but a mirage based on the current technical picture. Ripple price at $0.2767 is trading below the 50 SMA on the one-hour chart is limiting gains at $0.28 while the 100 SMA is holding position at $0.2819.
The narrowing gap between the 50 SMA and the 100 SMA suggests that the bulls are gradually finding balance are likely to regain control. Besides, the RSI is heading upwards after brushing shoulders with 30.
On the other hand, the MACD slipped into the negative region. The visible bearish cross suggests that sellers are still present. It is important that XRP corrects above $0.28 as well the descending trendline resistance in order to avert the danger of dropping to refresh $0.27. Aside from $0.27, $0.25 and $0.22 are in line to offer support in the event declines take it a notch lower.
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.