Ripple market update: XRP/USD makes one step up and two down - upside capped below $0.2950

XRP/USD has been among the worst hit cryptocurrencies amid this week’s bearish swings. The slump on Wednesday saw it break below key support at $0.3200. Ripple had been consolidating at this level following the retracement from the April 18 high marginally below $0.3500. The bear pressure on Wednesday was mostly in correlation with Bitcoin price slump from the new 2019 high around $5,632.

Ripple explored the lows close to $0.2950 but retrace the steps above $0.3000 on Thursday. However, the bullish momentum failed to correct above the 50 simple moving average (SMA) 1-hour. The seller congestion at this level couple with the investors' reaction to the news that Bitfinex exchange covered up an estimated $850 million shortfall using one the leading stablecoins on the market Tether (USDT), led to another selloff across the market.

Ripple tanked further, this time breaking yesterday’s support at $0.2950 and extended the losses below $0.2850 to form a low at $0.2827. Although there has been a correction above $0.2900, the bearish pressure on the market has capped gains at $0.2950. Besides, Ripple is trading at $0.2914. Ripple needs to correct above $0.3000 in order to come out of the bear range and embark on the much-needed retracement above the broken support at $0.3200.