Ripple market update: XRP/USD bulls can’t wait to conquer $0.4 stubborn hurdle
- Ripple buyers have been working had to put the resistance at $0.4 behind them.
- The building bullish momentum will come face to face with the resistance at $0.3975 supply zone.
With the cryptocurrency market slightly bullish this week compared to last week, Ripple buyers have been working had to put the resistance at $0.4 behind them. However, the correction above this hurdle has been greatly unsustainable.
The uptrend commenced on Sunday broke above the resistance on Monday and formed a weekly high at $0.4075 on Tuesday. Diminishing buying power culminated in a slide first below the 50 Simple Moving Average (SMA) and the 100 SMA 15-mins and then under $0.40. XRP/USD explored the levels towards $0.3900 key support before a shallow recovery that has been limited at $0.3975 ensued.
At press time, $0.4 remains unconquered while Ripple exchanges hands at $0.3944. The upside is immediately limited by the 100 SMA at $0.3950. The building bullish momentum will come face to face with the resistance at $0.3975 supply zone. XRP/USD needs to correct above $0.4 and establish higher support for a higher correction towards $0.5.
Meanwhile, technical indicators show that the prevailing trend will remain sideways in the coming sessions. The 50 SMA is the immediate support, $0.3925 the next support target and $0.3900 is the major support area.
XRP/USD 15-mins 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
