Ripple (XRP): Short-term outlook is bearish as investors take profits
|- Ripple is sitting comfortably at the support highlighted by the 38.2% Fib retracement level.
- The trend in the short-term is bearish and spells additional losses.
Ripple investors have resolved to take profits following this week’s gains. Ripple made a comeback from the lows recorded last week at $0.2982. The crypto spiked above $0.3 and continued with the bullish momentum past the 61.8% Fib retracement level taken between the last swing high at $0.3478 and a $0.2982 low.
Although XRP buyers had put their focus on $0.35, the crypto turned bearish at the swing high on Tuesday. Ripple has been trading lower lows and lower highs below couple key support areas that had been established at $0.33 and $0.32.
In the interim, Ripple is sitting comfortably at the support highlighted by the 38.2% Fib retracement level and changing hands at $0.3220. Marginally above the current market value, the upside is limited at $0.3250 as well as the 50-day Simple Moving Average (SMA) at $0.3255 and the 100-day SMA currently at 0.3266.
The trend in the short-term is bearish and spells losses. Besides, the Relative Strength Index on the 1-hour chart is heading south to show that the sellers are gaining ground. However, the slow stochastic is on an upward trajectory as buyers fight to keep the price $0.32. Sideways trading is likely to take over as we usher in the weekend trading sessions.
XRP/USD 1-hour chart
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