- Ripple defends the channel support once more, forcing a shallow correction towards $0.2250.
- The short term technical picture is improving in favor of the buyers.
Ripple is the most bullish cryptocurrency among the top three. The price has corrected upwards 1% on Tuesday towards the end of the Asian session. Bitcoin is trading 0.37% higher and not far from Ethereum’s 0.32%. The entire cryptocurrency market is facing high volatility levels.
XRP bulls continue to push for recovery within an ascending channel. The channel support and resistance have been tested on several occasions. For now, XRP teeters at $0.2224 after a shallow correction from the channel support.
The immediate upside is limited by the 100 SMA on the 2-hour char t at $0.2238. The 50 SMA will also hinder growth at $0.2256. For XRP to forge a path of recovery heading to $0.30, the short term hurdles at $0.2250 and $0.2350 must come down.
The trend seen with the RSI suggest that a sideways trading action will take over in the coming session. The bulls, however, have the upper hand especially, with the 50 SMA holding ground above the 100 SMA.
XRP/USD 1-hour chart
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