- Ripple is posting losses the second day in arrow after the bullish momentum lost steam above $0.32.
- The short-term technical picture is improving; potential to correction above $0.30 is high.
Ripple was lucky enough to rise above the key resistance at $0.32. However, the buyers failed to sustains gains above the level resulting in dive under $0.30 on Thursday. The 38.2% Fib retracement level from the last swing high at $0.3269 to a swing at 0.2569 stood out as a formidable support area.
The price action ahead of the weekend session has an inclination to the downside. Besides, XRP has already lost 2.47% of its value during the Asian session. After commencing the day’s session at $0.3017, Ripple extended the bullish leg narrowly to $0.3025. However, overwhelming selling activity sent the price back under $0.32 whereby it formed an intraday low at $0.2888.
At the time of press, the third-largest cryptocurrency asset in the world is valued at $0.2947. Offering immediate support is the 50% Fibonacci retracement level. Further down, the trendline is a vital line to watch while the 100 simple moving average (SMA) on the one-hour chart is in line to offer support as well.
The relative strength index (RSI) clearly shows an improving technical picture. If the signal continues with the upward slope, XRP could reclaim $0.30 support and focus on levels closer to $0.32.
XRP/USD hourly chart
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