Ripple (XRP) price analysis: Manages to come out of the ‘crypt’ it had sunk into on Friday
- The bears had managed to infiltrate the possible support at $0.25 after a consistent drop over the past 72 hours.
- Retreating above the Simple Moving Averages; the 50 SMA four-hour at $0.2575 and the 100 SMA four-hour at $0.2623.
- The Moving Average Convergence Divergence trend suggests a strengthening bullish momentum.
Ripple is one of the largest cryptocurrencies in the world. Today it is in third place among all cryptocurrencies. Its capitalization exceeds $18.5 billion. XRP offers a simpler and more affordable way to exchange currencies, trying to replace existing methods.
The bears had managed to infiltrate the possible support at $0.25 after a consistent drop over the past 72 hours. A low formed at $0.2473 saw the buyers regaining balance to focus on reversal. Retreating above the Simple Moving Averages; the 50 SMA four-hour at $0.2575 and the 100 SMA four-hour at $0.2623 paved the way for a bullish action towards $0.27 barrier. However, the descending trendline resistance capped the upside at $0.2671, resulting in a correction.
XRP/USD four-hour chart
At the present time, XRP/USD is trading at $0.2596 where the immediate upside is limited by the same 100 SMA. On the flip side, the 50 SMA is offering support currently at $0.2887. Glancing lower at the 4-hour chart, we can tell that $0.24 - $0.25 is coming out as credible support. One that can be dependent on the Ripple extending the bearish action.
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The Moving Average Convergence Divergence trend suggests a strengthening bullish momentum. In fact, if the slightly visible positive divergence increases, we could see XRP pulling towards the trendline resistance. Similarly, the Relative Strength Index (RSI) is holding above the average.
Author
FXStreet Team
FXStreet
