Ripple is losing it: 12% drop in less than 12-hours is devastating
- Ripple’s ballistic gains catapulted the price above $0.45 forming a new 2019 high at $0.47.
- An intraday low has been formed at $0.3948 but the price has zoomed back above $0.400.
Ripple has been one of the leading altcoins on the market this week. A look at the 1-hour chart shows having corrected above the support $ 0.30. Gains extended above the 100 Simple Moving Average (SMA) 1-hour and the 50 SMA. Further breaks above the 23.6% Fib retracement level taken between the last swing high of $0.47 and $0.3057 paved the way for successive engulfing candlesticks that sent the price above $0.4.
Ripple’s ballistic gains catapulted the price above $0.45 forming a new 2019 high at $0.47. However, the gains did not consolidate as high as investors would have wanted as the price dipped below the trendline support as well as the 50 SMA and the 61.8% Fib level.
An intraday low has been formed at $0.3948 but the price has zoomed back above $0.400. Immediately above the current price at $0.412, the 50 SMA is limiting upward movement. If XRP clears the resistance at this level, $0.44 will hinder growth while the supply zone at $0.47 is the ultimate resistance in the short-term.
BTC/USD 1-hour chart
Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
