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

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