- XRP/USD dived below the key support at $0.3800 before finding support at $0.3750.
- XRP must resume the uptrend and fight to stay above $0.4000.
Ripple is back in the red in spite of the upward correction witnessed on Monday. The entire market led by altcoins like Litecoin and Ethereum turned back in the green following a weekend of consolidation and exploration of key support areas. XRP/USD, for instance, dived below the key support at $0.3800 before finding support at $0.3750 where a reversal occurred towards the close of the session on Sunday.
XRP/USD 15’ chart
The trading on Monday was not mundane at all as the price spiked incredibly above both the 50 Simple Moving Average (SMA) 15’ and the 100 SMA 15’. This rejuvenated the bulls’ presence on the market as they pushed XRP above the 61.8% Fib retracement level with a drop from the previous high at $0.4055 and $0.3695. Further movement north zoomed past $0.4000 but the momentum stalled short of $0.4100 after forming a weekly high at $0.4055.
With the upside limited, XRP started trimming the gains towards $0.4000. A struggle ensued with the bulls battling to stay above $0.4000. However, the bears seem to have overwhelmed them on Tuesday, besides XRP/USD is trading at $0.3940 at press time.
Marginally below the current price, the first support is observed and offered by the above mentioned 61.8% Fib level resistance turned support. Further correction south will find cushion at $0.3850 – $0.3800 (support congestion zone) while $0.3750 will come in handy just like it did in the last weekend trading, particularly by preventing further declines on Sunday.
The upward movement is immediately hampered by the 100 SMA 15’ at $0.3950. 50 SMA is still holding above the 100 SMA which means that the bullish pressure is still present, for now. However, XRP must resume the uptrend and fight to stay above $0.4000 in order to champion for higher gains towards $0.4100, $0.4200 and $0.4300 short-term and medium-term resistance.
Ripple Key Technical Indicators
RSI 15’: Upward towards 50 average means the bullish momentum still has strength in the short-term.
Key Support Areas: Fibo 61.8% 15’, $0.3850 – $0.3800 and $0.3750.
Critical Resistance: $0.4000, $0.4100 and $0.4300.
General trend: Bullish
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige