- Ripple northwards advances fail to make it above the trendline resistance.
- The Simple Moving Average narrowing gap suggests that the bulls are gaining traction.
Ripple continues to be depressed towards $0.27 (recent support). It is clear recovery towards $0.30 is nothing but a mirage based on the current technical picture. Ripple price at $0.2767 is trading below the 50 SMA on the one-hour chart is limiting gains at $0.28 while the 100 SMA is holding position at $0.2819.
The narrowing gap between the 50 SMA and the 100 SMA suggests that the bulls are gradually finding balance are likely to regain control. Besides, the RSI is heading upwards after brushing shoulders with 30.
On the other hand, the MACD slipped into the negative region. The visible bearish cross suggests that sellers are still present. It is important that XRP corrects above $0.28 as well the descending trendline resistance in order to avert the danger of dropping to refresh $0.27. Aside from $0.27, $0.25 and $0.22 are in line to offer support in the event declines take it a notch lower.
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