Ripple market overview: XRP/USD steps on the reverse gear
- The high volatility experienced last week has gone significantly down in the past few days.
- Ripple is dancing at $0.3015 while supported at the Bollinger Band 1-hour middle curve.
XRP/USD recently approached $0.3200 but failed to make any headway above the same level. The weekend session has seen XRP/USD trim a huge amount of the gains accrued last week. However, the high volatility experienced last week has gone significantly down in the past few days. The narrowing Bollinger Band layers mean that XRP is getting ready for a consolidation phase.
Meanwhile, the price is dancing at $0.3015 while supported at the Bollinger Band 1-hour middle curve. Ripple’s upside is limited by the 50 Simple Moving Average (SMA) currently at $0.3045 while the next resistance is a confluence formed by the 100 SMA and the Bollinger Band 1-hour upper curve.
As cryptocurrency hit reverse mode, Ripple has not been left behind. In fact, it has explored the levels below $0.3000 before revamping the ongoing bull momentum towards $0.3100. The trends of the RSI show the price of having a bullish tune to it. The indicator recovered from the levels close to 7.14 to the current 52.38. Moreover, its signal remains strongly bullish to show that the building bullish momentum retraces the price heading to $0.3100.
XRP/USD 1-hour
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
