Ripple Price Analysis: XRP/USD staggering recovery hits wall at $0.28

Ripple is yet to conquer the resistance at $0.28 in spite of the recovery witnessed across the market on Friday. A minor bearish correction is seen developing, although the Asian session was characterized by increased buying activities. Recovery from the dip to $0.26 has been steady but stalled short of $0.28. At the time of writing, XRP is trading at $0.2756 following a 1.58% growth on the day.

Also read: Cryptocurrency Market Update: Hostility ousted as Bitcoin, Ethereum and Ripple make blissful moves

Ripple launches battle against crypto scams

A new portal launched by Ripple will enable investors in the cryptocurrency industry to easily report all malicious activity linked to the XRP Ledger. Users have the ability to send a request to Ripple for further follow on issues such as unusual activity, theft, phishing attempts, suspicious crypto exchanges, giveaway scams as well as money laundering. While Ripple has affirmed that it will conduct the investigation regarding the mentioned activities, investors should be aware that the company will not make them whole by reversing the transactions already made.

Ledger and the users of the XRP Ledger are not customers of Ripple therefore Ripple does not have the power to reverse transactions, even in the case of a reported financial loss (ex: theft).

Ripple technical picture

Ripple price is most likely to settle in sideways trading between the immediate resistance at $0.28 and the immediate support at $0.28. The sideways action is reflected in the MACD, currently moving horizontally at -0.00318. If the slightly visible bullish divergence increases, there is a chance that, Ripple could move past $0.28. The 50 SMA on the 2-hour chart could also limit the gains towards $0.29 and the 100 SMA at $0.30.

XRP/USD 2-hour chart