• 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.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin (BTC) in tactical retreat before another attempt to break above SMA200 daily

Bitcoin (BTC) bulls engineers a nice recovery off the recent lows; however, SMA200 (Simple Moving Average) on a daily chart remains unconquered so far. The price of the first digital currency made a weak attempt to move above this hurdle, but it seems to be a hard nut to crack for the bulls at this stage.

More Bitcoin News

Litecoin (LTC) price analysis: LTC/USD slides back inside an old range

Litecoin is changing hands at $56.63, down 2% since the beginning of the day and 1.5% on a day-on-day basis. The 6th largest digital asset with the current market value of $3.3 billion peaked at $60.12 on October 9 and has been moving down ever since. 

More Litecoin News

TRON price analysis: TRX/USD moves within a long-term bearish trend

At the time of writing, TRX/USD is changing hands at $0.0160. The coin has gained over 15% in seven 24 days, however, the upside momentum started fading away after the price had hit $0.0175 high. 

More Tron News

Ripple price analysis: XRP/USD races downwards fast

Many analysts believe that the recent breakout across the cryptocurrency market was more or less a bull trap. Their notion is currently being proved right as Ripple price forced its way against key support areas including $0.2750 and the 61.8% Fib retracement level.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls trapped below SMA200 daily

Bitcoin bulls have had a short glimpse of victory only to suffer a bitter disappointment this week.

Read the weekly forecast

BTC

ETH

XRP