- 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
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