Ripple’s XRP stability rules: How long will the bulls hibernate?

Following the drop that occurred on Sunday last week, Ripple’s XRP has remained above the key support that is highlighted at $0.31. The world’s largest altcoin is also stuck within the confines of a range that is limited to the upside at $0.34. The range has support around at $0.3149 as seen on the chart below.

It appears that the bulls have taken a backseat and leaving just energy to defend the support at $0.31 hence preventing declines towards $0.31. In the event the mentioned support is butchered, XRP is probably going to test the lows at $0.28. Besides, the cryptocurrencies live rates provided by FXStreet show that the asset is still in the red with 1.97% losses on the day.

Technical indicators on the 1-hour timeframe chart show that XRP is on the verge of another move to the south. For instance, the Relative Strength Index (RSI) is in a trajectory towards the oversold levels. In addition, the Simple Moving Average gap (SMA) between the 50-day SMA and the 100-day SMA is narrowing as the bears increase their entries.

It is essential that XRP buyers defend the key support and preferably come out of the current hibernation. The fundamentals remain unchanged but the market has positive news for Ripple which is expected to sign over 200 partners to RippleNet in 2019. The Blockchain company is expanding in the Middle East and in Asia as it positions itself as an alternative to SWIFT as a cheaper, faster and secure cross-border fund transfer provider.

Read more: 

Cryptocurrency market update: BoE advisor, “cryptocurrencies… fail the basic tests of financial services”