Ripple’s XRP price analysis: New trend forms in the wake of bullish channel break
|- Ripple rejected at $0.312 but maintains a position above $0.30.
- The ongoing bullish trend could correct above the moving average resistance.
Ripple buyers were discouraged following the decline at $0.312 during the trading yesterday. As covered in the price analysis here, the asset joined the other cryptos to correct higher leading to a general recovery that saw the market cap increase significantly from $107 billion to $111 billion on the day. The trend today has gone back to the usual; trading in the red with declines spread across the market.
Ripple is trading at $0.305 and is locked between the moving average support and resistance. The bullish channel that began after XRP explored the levels slightly below $0.2960 on Tuesday. The asset maintained the trading within the channel forming higher lows and higher lows. However, the bullish trend ran out of steam on the buyers' failure to break above $0.312.
The bear correction that followed has been halted at $0.3020. Although XRP has attempted to reverse the trend today, it is facing acute selling pressure at the100 SMA. Slightly above this level at $0.3080. Besides, the major resistance in the short-term can be seen at $0.3120.
A bullish momentum is building up at the moment, and a break above the moving average resistance is likely in the near-term. The RSI is heading towards the oversold for the first time since yesterday (European trading hours). The bullish trend is confirmed by the DMI which is sloping upwards at the time of writing.
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