• 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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Crypto market shrinks while Bitcoin grows

The war for market share, expressed through the dominance charts, confirmed the offensive launched by Bitcoin days ago and sent Ethereum to the critical support level at 12.32, the same level where Ethereum's decline found ground the last six times.

More Bitcoin News

DOT poised to rush to $3 as social volume tanks

Polkadot has been on the retreat since it traded an all-time high at $6.88 on September 1. The initial drop in the first week of September embraced support at $3.50. 

More Polkadot News

Cryptocurrency projects jumping off the Ethereum ship due to high transaction fees

The mushrooming DeFi projects built on Ethereum cause the network overload and kill all the blockchain's advantages over the traditional banking exchange systems. 

More Ethereum News

Freefall in DeFi screams bubble busting

It has been an exciting year so far in the cryptocurrency industry. First, the market crashed excessively following the COVID-19 triggered selloff in March.

More DeFi News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC crystal ball gives bulls a faint flicker of hope

Bitcoin staged a healthy recovery this week. The pioneer digital currency price took off from the support area of $10,000 and touched the next psychological line of $11,000.

Read the weekly forecast

BTC

ETH

XRP