Ripple market update: XRP/USD still hugs $0.4000 amid the bear market

Looking at the intraday charts for the major cryptocurrencies, we see red everywhere. Ripple is leading in terms of losses with declines of 5.44% on the first day of the week. Ethereum is not far behind with losses of 4.27% while Bitcoin is trending 3.4% lower on the day. The only digital asset in the green among the top twenty is NEM and is up 1.15% in a bear market.

Despite the declines, Ripple is staying point around $0.4000 in a market that is predominantly bearish. Following the surge last week, XRP/USD trimmed the gains to the support formed by the 38.2% Fib level taken between the last swing high of $0.4721 and a swing low of $0.2929. A recovery supported by the 50 Simple Moving Average (SMA) 4-hour over the weekend session stepped above $0.4000 and even formed a high at $0.4301 before changing the trend towards $0.3900.

In the meantime, Ripple is trading at $0.3933 amid a growing bearish momentum. The slow stochastic oscillator has been rejected from the overbought and currently trending lower around the average market at 50. As long as the 50 SMA stays above the 100 SMA, the bulls will have the ability to defend the support at $0.3600. Other key support levels are $0.3200, $0.3000 and $0.2800.

XRP/USD 1-hour chart