Ripple price analysis: Rises from the ashes, hits a snag at $0.52

  • 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

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

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 & Analysis

Editors’ Picks

Market share war shakes crypto market

Ethereum confirms the market's weakness in the short term as it closed yesterday at the price level of $195.5. Closing below the $200 level with such a small margin shows that the bulls are not in the business of defending the price structure to keep it up.

More Ethereum News

BCH/USD drawing nigh to $230 seller congestion

Bitcoin Cash has bounced off the support zone between $220 and $225. This cryptocurrency like many others, extended the bearish action during the weekend session. 

More Bitcoin Cash News

ETH/USD makes its way above $200, the recovery is slow

Ethereum bears took ETH price below psychological $200 on Monday, but a fresh buying interest located around this level helped to push the price back inside the previous consolidation range.

More Ethereum News

ADA/USD may retreat to $0.0450 before another bullish wave

Cardano (ADA) hit the intraday low of $0.0509 during early Asian hours and recovered to $0.0532 by press time. Despite the recovery, the coin is still nearly 7% lower from this time on Sunday.

More Cardano News


Bitcoin Weekly Forecast: BTC bulls are nowhere to be seen

Bitcoin attempted a recovery towards $10,000 but ended up at $9,100. The first digital asset printed the second red candle on a weekly chart. It is an alarming signal for the long-term bull as BTC may be vulnerable to deeper losses.

Read the weekly forecast