- 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.
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.