Ripple’s XRP Price analysis: The tug of war continues following the rejection at $0.35
|- The declines are taking center stage in spite of the Coinbase Pro support for XRP.
- XRP must come out of the bear range to pave the way for sustained upside correction.
Cryptocurrencies are still drowning in the sea of red rough waters for the third day in a row. Ripple’s XRP is still stuck between the range resistance we discussed yesterday at $0.28 and $0.35. In this current tug of war between the sellers and buyers; the sellers appear to be winning. XRP/USD trends 1.5% lower on the day while valued at $0.3147.
The declines are taking center stage in spite of the groundbreaking news that the largest exchange by adjusted daily trading volume, Coinbase has finally decided to add a buy and sell support for XRP. The news hit the market on Monday 25 via a blog post shared by the company on Twitter. XRP will start trading on Coinbase Pro as soon as the listing process is successfully completed.
Meanwhile, Ripple’s XRP immediate upside is limited by the 50-day Simple Moving Average (SMA) 1-hour chart currently at $0.3271. The downtrend is likely to continue as the Relative Strength Index (RSI) on the same chart at 48.71 continues to head south. The slow stochastic oscillator is showing the same trend at 47.22 to indicate that the bears are gaining traction. XRP must come out of the bear range to pave the way for upside correction towards the psychological $0.40. If the rage support at $0.28 fails to hold, XRP will seek solace at $0.26 supply zone.
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