Ripple price analysis: Massive fresh demand for XRP after testing $0.22
- Demand for Ripple rises as investors ‘buy the dip’.
- The 3% rise on the day send XRP above $0.24 but leave $0.25 untested.
The market pressed down further towards the end of the American session on Tuesday. Ripple, for example, pierced through key support levels it has not tested since December 2017 (just before the parabolic rally began). These include levels like $0.24 and $0.22. The third-largest crypto formed a low at $0.268 before a recovery ensued.
At the time of writing, Ripple is trading just a whisker above $0.24. The momentum north has lost steam leaving the immediate resistance at $0.25 untested. As discussed in the price analysis yesterday, the cross of the 50 simple moving average under the 100 SMA at $0.2943 suggested a lower consolidation was inevitable in the near-term.
Technical levels are changing positively in favor of Ripple. The relative strength index is currently above the oversold from lows at 15. The previous time the RSI at this level on August 28 when XRP corrected to a low of $0.2447. A recovery occurred immediately with Ripple rising to $0.2629 on August 29.
The moving average convergence divergence (MACD) found balance at -0.0097. A bullish divergence signals that the buyers ready to take over control as Ripple targets $0.25 and $0.26 levels in the near-term.
XRP/USD 60' chart
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Author
John Isige
FXStreet
John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren
