Ripple price analysis: XRP/USD descending channel dwindles bulls' hope for a reversal

  • Ripple was among the worst hit with declines hitting lows close to $0.2800.
  • XRP/USD will remain in the sideways trend unless sudden movements occur in either direction.

XRP/USD is up a subtle 0.05% on Monday to trade at $0.300. The price seems to be cultivating sideways trading following the stormy weather experienced last week across the market. Unlike, other major cryptocurrencies, Ripple was among the worst hit with declines hitting lows close to $0.2800.

While there has been a correction above $0.2900 support turned resistance and $0.3000 hurdle, its upside is limited below the 23.6% Fib retracement level between the last swing high of $0.3799 and a swing low of $0.2834. Marginally above this level, the 50 simple moving average (SMA) 4-hour will limit upward movement at $0.3078.

The fact that the 50 SMA is below the longer-term 100 SMA, it means that the bears have the upper hand at the moment and in coming sessions. The Relative Strength Index (RSI) at 50.00 has been averaging since the dip on April 26. The ranging trend means XRP/USD will remain in the sideways trend unless sudden movements occur in either direction. The MACD in the same range is steadily moving upwards towards the positive region to show that the buyers' influence is not negative but weak.

XRP/USD 1-hour chart

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