Ripple price analysis: XRP/USD smashes through $0.2750 support


  • Ripple is caught up in a bearish wave that risk breaking the bearish flag support.
  • The almost oversold levels for XRP suggest that a reversal is around the corner.

Ripple bears have returned in the market, this time with a precise intention; to revenge. This comes after a failed attempt to sustain gains above $0.2900. Following remarkable movement from the acute declines experienced last week, a high was formed at $0.2928.

At press time, Ripple is caught up in a bearish wave that risk breaking the bearish flag support. Besides, the price has corrected below the moving averages including the 50 Simple Moving Average (SMA), the 100 SMA and the 100 Exponential Moving Average (EMA).

Probable support is $0.27 and is likely to push the price in rebound towards $0.28 hurdle. Traders should be alert for an impending breakout of the bullish flag pattern. Trading above the pattern resistance could be the kick needed to finally launch XRP in the trajectory path above $0.3.

However, the almost oversold levels for XRP suggest that a reversal is around the corner. The Relative Strength Index (RSI) is entering the oversold at press time. A retreat from the oversold will mark the beginning of the retracement towards $0.30.

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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP