- Ripple reclaims position above $0.5 but hits a dead end short of $0.52.
- A reversal is imminent in the short-term; buyers must defend $0.50 support to avoid more breakdown.
Ripple creeped below $0.5 during the evening (GMT) trading session on Thursday. As discussed in a price analysis published by FXStreet earlier today, the world’s third largest crypto found support at $0.49 before resuming the uptrend that has cleared the resistance at $0.50.
The digital asset can be seen trading at $0.512 while using the initial weak support at $0.510. The price is above both the hourly simple moving averages (50 and 100) both of which will work as support lines in case of dips towards $0.50.
The bullish trend has slowed down, unable to break past the immediate resistance at $0.52. The previous high at $0.55 is the critical resistance that is broken will clear the path for movement above $0.6. Ripple has in the past couple of months put a smile on the community with incredible gains defying the long-term market bear trend. The sentiment change towards XRP is mainly caused by the developments the company is making in ensuring that the traditional financial sector is revolutionized.
A look at the chart of XRP/USD shows that a reversal is imminent in the short-term. The buyers can however, prevent this buy ensuring $0.5 support is defended at all cost. Below this level Ripple could breakdown further to test $0.45 and eventually $0.4.
XRP/USD 1-hour 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.