- The mid-week plunge saw XRP/USD explore the levels under $0.4000.
- The bulls are targeting a break above the 38.2% Fib level on Friday ahead of the weekend session.
The cryptocurrency market has been having a special relation with weekend sessions. The mid-week plunge saw XRP/USD explore the levels under $0.4000. The buyers found bearing $0.3800 key support which has allowed them to push for a reversal above the $0.4000 level.
In spite of the correction, Ripple is trading under the moving averages; the 50 Simple Moving Average (SMA) 1-h will offer resistance at $0.4386 while the 100 SMA will stop corrections above $0.4500. Other technical indicators are positive as observed on the 1-h chart for XRP/USD trading pair with Relative Strength Index (RSI) moving horizontally above the average following a gradual recovery from the overbought.
The Moving Average Convergence Divergence (MACD) is moving higher from the low levels seen yesterday. If the MACD crosses above the mean line, Ripple will have the strength to jump above $0.4200. The bulls are targeting a break above the 38.2% Fib level taken between the last swing high of $0.4945 and swing high $0.3893 close to $0.4300.
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.