Ripple market update: XRP/USD intriguingly defends $0.29 key support


  •  Bitcoin plunged more than $800 after breaking the support at $11,000.
  • The technical levels clearly show that Ripple is ready to make a comeback above $0.30.

Ripple like many other altcoins on the market weathered down the negative pressure across the market quite well. On the other hand, Bitcoin plunged more than $800 after breaking the support at $11,000.

The third-largest cryptocurrency with a market capitalization of $12 billion is still walloping in bear pressure. For instance, the data on CoinMarketCap shows XRP having lost 1.8% of its value in the last 24 hours. At the same time, the crypto live rates by FXStreet show trading 1.3% lower on Wednesday.

A glance at the 1-hour chart shows Ripple trading under both the 50 Simple Moving Average (SMA) and the 100 SMA. The declines come after recovery from last week’s low at $0.2895 tried and failed to make headway above $0.3050. The slide from the weekly high at $0.3060 dived under $0.30 and has since been pressing down on the support area towards $0.29.

The technical levels clearly show that Ripple is ready to make a comeback above $0.30. The Relative Strength Index (RSI) almost brushed shoulder with 30 but is currently pointing north. The same gradual upward move is seen with the Moving Average Convergence Divergence (MACD). This means that Ripple is more likely to correction higher above the support area in the coming sessions.

XRP/USD 1-hour chart

 

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