Ripple market update: XRP/USD rebound targets $0.4 supply area

  • Ripple spikes over 5% on the day revamping the trend from the support at $0.3200.
  • Technically, the bulls have the mantle and Ripple is poised for further correction.

All eyes are currently set on $0.4 following the establishment of support at $0.3200 after the bearish wave that sent XRP/USD tumbling to mid-May levels. Ripple bulls were having it difficult to sustain the price above $0.4 while the upside had been capped at $0.41.

Meanwhile, the price has stepped above the 23.6% Fib retracement level taken between the last drop from 0.4122 to a low of $0.3200. Holding on to the 5.78% correction on the day, the price is immediately supported by the 50 Simple Moving Average (SMA) 1-h.

Also Read: Fundstrat Tom Lee on Bitcoin's pullback: Crypto winter is over

The immediate upside is capped by the 38.2% Fibonacci level. A break above this level will encounter more resistance at $0.3600. The support turned resistance levels at $0.3800 and $0.3900 will also limit movement heading to $0.4.

Technically, the bulls have the mantle and Ripple is poised for further correction. The Moving Average Convergence Divergence (MACD) 1-h is almost crossing into the positive side following an incredible recovery from levels around -0.01360. The increasing divergence is a key indicator for the rising buying power.

XRP/USD 1-h chart

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Opportunity in Bitcoin for bargain hunters

First, the strong bullish move yesterday by Bitcoin, which gained more than $1,000 in 60 minutes. The movement has placed the BTC/USD pair above all major moving averages and opens the door to further rises in the absence of relevant resistance.

More Bitcoin News

Ripple’s XRP recovery from April lows marks the beginning to breakout

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. 

More Ripple News

Litecoin market overview: LTC/USD oversold and ready to bounce

Litecoin is showing signs of exhaustion from the downtrend experienced from the beginning of July. Recovery to June highs around $146 has been impossible with the path of least resistance having an affinity to the south.

More Litecoin News

Ethereum price analysis: ETH/USD hovers above $220; upside capped at $230

Ethereum momentum hit a snag at $230 following the impressive recovery witnessed yesterday from the support at $205. ETH/USD has spent most of this week’s trading sessions battling to shake off the selling pressure. 

More Ethereum News

Bitcoin Weekly Forecast: BTC bulls get ready for a major assault

The cryptocurrency market has been pretty volatile this week. Bitcoin stayed in the green zone despite wild price gyrations, while major altcoins are nursing double-digit losses on a week-on-week basis.

Read the weekly forecast