Ripple market overview: XRP/USD upward action losing steam; bulls defend moving average support


  • Ripple picked up steam over the weekend session but retreat set in short of $0.2660 resistance.
  • The buyers managed to defend the support at $0.2460 after XRP slipped to $0.2472 (Friday low).

Ripple is back in last week's range even though the weekend session was graced with a positive retreat above the simple moving averages. The buyers managed to defend the support at $0.2460 after XRP slipped to $0.2472 (Friday low). Last week's high at $0.2672 remains unconquered as the recovery lost steam at $0.2665.

Meanwhile, the lock-step trading continues to embrace the support by the 50 SMA currently at $0.2583 and the 100 SMA currently at $0.2577. The Moving Average Convergence Divergence negative gradient suggests that bearish action is swelling. The same technical picture is seen with the Relative Strength Index (RSI) currently below the average. Oversold levels marked the beginning of the weekend correction.

For now, initial support at $0.26 limits downside action. Moreover, the ascending trendline is offering anchorage. Both the 50 SMA and the 100 SMA form a strong support area around $0.2580. However, last week lower zone at $0.2460 - $0.2480 is the major support area in the short-term.

XRP/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Three reasons why SafeMoon price might rally 60% soon

SafeMoon price has experienced a massive sell-off since June 15 as it deviated below its previous range low established on May 23. However, this deviation is likely to revert to the mean, providing an excellent opportunity for an uptrend.

More SafeMoon News

Ethereum targets $2,400 before facing next hurdles

Ethereum price made a lower low on June 22, plunging below the $1,732 mark recorded amid the May market crash. While ETH price action followed the leading cryptocurrency as it faced recent negative news headlines, including China’s ban on digital assets, the second-largest crypto is heading for a swift recovery. 

More Ethereum News

Bitcoin price to rebound, but BTC has not reached a market bottom yet

BTC price dips below $30,000 for the first correction this month. Chinese regulations are panicking crypto investors with mining bans. Stock markets push higher, leading to the potential return of risk sentiment for continued BTC buys. 

More Bitcoin News

Dogecoin comeback might propel it up by 26%

Dogecoin price slid below the May 19 range low to create a new bottom as the entire cryptocurrency market underwent a sell-off. Although DOGE has rallied considerably since setting up the recent swing low, more gains seem to be on the horizon.

More Dogecoin News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP