- The consolidation from Monday has been instrumental to the ongoing breakout.
- The MACD bullish divergence shows XRP having a positive tune to the trend.
Ripple has been able to hold ground above $0.30 after the declines of last week crippled the bulls. From a high around $0.3276, the sellers smashed through tentative key support levels at $0.32, the 100 Simple Moving Average (SMA) 1-hour, 50 SMA 1-hour as well as $0.3100.
The bearish pressure pushed down on the next support at $0.3050 before meeting an avalanche of buying power at $0.30, which eventually stopped the losses. The consolidation from Monday has been instrumental to the ongoing breakout. XRP/USD made a brilliant move in a couple of engulfing candlesticks.
Read also: Ripple’s Brad Garlinghouse on Facebook’s Libra – “We don't need a new fiat currency"
After soaring above the moving averages, Ripple is facing resistance at the trendline as well as $0.3200. Trading at $0.3179, technical indicators show XRP having hit oversold levels. The Relative Strength Index (RSI) is settled within the overbought.
Traders need to be on the lookout for a retreat below 70, which will signal a reversal. However, the Moving Average Convergence Divergence (MACD) bullish divergence shows XRP having a positive tune to the trend. Therefore, we can expect Ripple to form a higher low pattern before the next breakout.
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. 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Axie Infinity price recovery delayed despite investor deposits hitting a five-month high
Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the Securities and Exchange Commission (SEC), the investors have resorted to offloading their holdings for now.
Coinbase to keep cornerstone staking service after CEO Armstrong fires shots at the SEC
Coinbase Exchange has committed to maintaining its cornerstone cryptocurrency staking services after CEO Brian Armstrong countered the US Securities and Exchange Commission (SEC), demanding regulatory clarity.
Cardano price signals accumulation as ADA crashes by nearly 10% in 24 hours
Cardano price took a critical hit on June 7 as the entire crypto market continues to suffer the impact of the regulatory crackdown against Binance and Coinbase. Amidst this chaos, the investors that bore the loss found an opportunity for recovery, but it does not sit in the hands of retail investors.
BNB price falls 10% as US court summons Binance CEO, Changpeng Zhao
Binance Coin is down a staggering 20% since June 4 to the current price of $260.93, representing a 10% downswing since the beginning of the Asian session on June 7. The leg down comes in light of recent developments in the case between Binance versus the US Securities and Exchange Commission (SEC).
Bitcoin: BTC targets $30,000 as short-term bias turns bullish
Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend.