Ripple’s XRP recovery from April lows marks the beginning of a breakout


  • Ripple has continued to press against key support levels since the drop from June highs.
  • A break above $0.32 is likely to open the door to gains heading to $0.4.

Ripple has dived massively from the recent highs. The breakout above both the 50 Simple Moving Average (SMA) 1-D and the 100 SMA 1-D propelled XRP past critical hurdles. For the first in 2019, the price exchanged hands above $0.5. A high was, however, formed at $0.50 before the bears took over.

Following the rejection from June highs, Ripple has continued to press against key support levels. Moreover, the declines could not find support at $0.4 and $0.38 key levels while the drop below moving averages encouraged the sellers to increase their grip on the price.

The bear wave this week saw Ripple dive under $0.30 before forming support at $0.28 (April) lows). The support completed the formation of a double-bottom pattern whose reaction could give XRP a push towards $0.40.

Also Read: Bitcoin market update: BTC/USD losing ground under $10,500

At the time of writing Ripple is trading at $0.31 after failing to sustain gains above $0.32. A bear correction is likely to test $0.30 giving way for a bounce back up. Indicators on the daily chart show the price having an inclination to sideways trading. The Relative Strength Index (RSI) is horizontal at 40 after recovery from the oversold.

The Moving Average Convergence Divergence (MACD) is still losing ground in the negative zone as an indicator of prevailing selling pressure. On the positive side, a break above $0.32 is likely to open the door for correction heading to $0.4.

XRP/USD daily 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

Sellers come in ahead of 10,500

BTC/USD sells of late in the session as we draw to a close on an eventful day in the financial markets. We were expecting Fed Chair Jerome Powell to be the main event of the session but China announced plans to add tariffs to US imports. Then Powell once again stood firm against Trumps pressure to loosen monetary policy and the US President lost it on twitter. 

More Bitcoin News

XRP pushes to session highs but a key level is in sight

XRP/USD pushes to session highs. Key resistance level is in sight. 0.300 still seems the like the long term target for bulls.

More Ripple News

BCH/USD: 300 is well supported once again

Bitcoin Cash has rejected downside moves yet again. Key trendline apex needs testing soon. 360 is still the level to breach for upside momentum.

More Bitcoin Cash News

NEO announces new partnership with gumi Cryptos bringing blockchain to Japan

NEO Foundation has announced a new partnership with gum Cryptos. The two organisations will be working on bringing blockchain technology to Japan. 

More Neo News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Safe-haven or a high-yield asset? Bitcoin qualifies for both

The cryptocurrency market has been a mixed picture this week. Bitcoin attempted to settle above $12,000 practically every single day of the week...

Read the weekly forecast

BTC

ETH

XRP