- Ripple defies general consolidation movement in the crypto market posting a 5% gain in value.
- The bulls are largely in control but the retreat of the RSI under 70 is likely to signal a price reversal movement.
Ripple bulls have remained defiantly bullish since Monday. Despite the spectacular correction testing and failing to break above $0.30 hurdle, the price has been astonishingly bullish to stay above $0.29. XRP/USD is trading at $0.2976 and is up a cool 5% in the last 24 hours. However, the intraday chart shows a subtle fall in the value of 0.23%.
Following the recovery from the recent lows on September 24 whereby Ripple tested the levels towards $0.21, the price has sustained an uptrend within a lovely ascending channel. Both sides of the channel have been tested numerous times and have proved to be rock-solid to nurture the ongoing movement
Ripple is trading above the Simple Moving Averages (SMAs) whereby the 50 SMA on the four-hour chart is in line to offer support along the lower trendline of the channel. The SMA 100 currently at $0.2639 will also provide support. Other support levels to keep in mind are $0.28, $0.27, $0.25 and $0.24.
The Relative Strength Index (RSI) suggest that the buyers have the joystick in their hands. However, traders should be on the lookout for any retreat movement under 70 likely to flag a reversal.
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