Ripple price analysis: XRP/USD conquers $0.4 again; are these gains going to hold?

  • Ripple pivotal motion around $0.4 is mentally demoralizing the buyers.
  • The RSI retreat from the oversold means that the path of least resistance is downwards.
  • XRP/USD bulls still have the energy to defend $0.40 support in the short-term.

Ripple up and down action around $0.4 is becoming mundane especially for the bulls who would like to see the third largest cryptocurrency trading above $0.5 before the end of June. The incredible performance of Bitcoin in the last couple of days has been largely ignored by XRP.

Meanwhile, XRP/USD pushed against the resistance at $0.4 following the correction from $0.3900. Ripple has been forming a higher low pattern since the beginning of the week where the trendline has been key to the upward sloping trend.

Correction above the 100 Simple Moving Average (SMA) at 0.3971 and the 50 SMA 1-h at $0.4 reignited the bullish momentum sending XRP towards $0.41 hurdle. Attempts for higher correction has not been able to make any significant gain above $0.41, instead, the price is moving lower towards $0.40 support.

Technical indicators suggest a retracement in the current and the coming sessions. The RSI retreat from the oversold means that the path of least resistance is downwards in addition to the bulls being demoralized and exhausted due to the failure to break above $0.41. However, the MACD is sitting comfortably above in the positive region suggesting that the buyers still have the power to defend $0.40 support which is key to higher correction in addition to avoiding declines towards $0.39 and $0.37 support areas.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast