Ripple market update: XRP/USD reversal rides on improving technical levels


  • Ripple recovered above $0.26 but the steam fizzled out short of $0.27.
  • The uptrend is nurtured by improving positive levels.

Ripple bulls are taking a breather from the selling on Wednesday and Thursday. Cryptocurrencies led by Bitcoin dumped significantly after failing to break above key psychological levels. Ripple, for example, attempted to break above $0.28 but failed. The declines that swept across the market, overwhelmed various key support levels at $0.27, and $0.25.

As expected the major support at $0.24 came in the rescue of the buyers who would have been paralyzed on hitting levels close to $0.20. Recovery from the support stepped above $0.26 but the steam fizzled out short of $0.27 hurdle.

Correction from yesterday high at $0.2625 formed a short-term symmetrical triangle pattern. The breakout from the triangle has given way for the ongoing blissful move above the 50 Simple Moving Average (SMA) 156-mins.

Ripple is flirting with $0.2570 at press time. The uptrend is nurtured by improving positive levels. The Moving Average Convergence Divergence (MACD) back in the positive zone. A growing divergence hints that the upward movement will last longer. The uptrend has strength based on the Relative Strength Index (RSI) trend towards the overbought.

XRP/USD 15-mins 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. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC/USD eyes $15K, overbought conditions warrant caution

Bitcoin (BTC/USD) is back in the green zone above the 13,000 level this Monday, reversing a temporary reversal seen on Sunday. The No. 1 coin is seen testing daily highs, looking to retest Sunday’s high of 13,359. From a short-term perspective, the spot is primed for a fresh rally ...

More Bitcoin News

Ripple Price Analysis: XRP is ready to break out amid massive exchange outlfows

Ripple's XRP is changing hands at at$0.256, mostly unchanged on a day-to-day basis. The coin has gained over 5% in the last seven days amid the recovery on the cryptocurrency market. XRP is currently the fourth largest digital asset.

More Ripple News

ETH has a good chance to clear $420 as miners stick to HODLing

ETH/USD has bumped into a strong resistance created by $420. On-chain and technical data implies that ETH is well-positioned to continue growing. However, a sustainable break above the critical area of $390-$400 switched ETH in a positive mode.

More Ethereum News

Top 3 Losers of The Week: Crypto.com, Filecoin, ABBC Coins

Several altcoins have been losing ground despite the recovery of the cryptocurrency market. TD Sequential indicator is ready to give a buy signal for Crypto.com. Filecoin recovered most of the weekly losses, but it is still in the red zone. ABBC Coins struggles to clear a significant ...

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: Bitcoin goes up as some of the world's largest currencies go down

While investors are waiting for BTC to retest all-time highs and shoot to the moon, it is already there. In some countries, the pioneer digital asset surpassed the peak of 2017 and hit new historic highs in local currencies.

Read the weekly forecast

BTC

ETH

XRP