- Ripple’s battle to stay above $0.40 continues but 100 SMA limits movement north.
- Technically, XRP/USD is out of the bearish range and only waits for a catalyst to propel it to $0.50.
As Bitcoin correction deepens, most altcoins including Ripple are battling to recovery following the crash experienced last week. Unlike, the recent weekends where Bitcoin led rallies have ended up in new highs being formed, the crypto market did not make any significant headway over the last weekend sessions.
XRP/USD 1-h chart
Ripple continues to battle in order to stay above key support established to prevent further crash towards the end of last week. The correction comes after the digital asset failed after several attempts to stay above $0.50. The 100 Simple Moving Average (SMA), did not function as the usual support on the hourly chart. Besides, correcting under it gave the bears a chance to gain confidence by pushing XRP further below $0.40.
At press time, XRP is exchanging hands at $0.4060. Its upside is immediately capped by the 100 SMA while $0.40 is trying to come out as key support. Similarly, $0.38 will continue being critical support in the coming sessions.
Technically, XRP/USD is out of the bearish range and only waits for a catalyst for a correction towards $0.50. The Relative Strength Index (RSI)recovered formidably from areas under 30 and currently holds around the average level. The Moving Average Convergence Divergence (MACD) is in an upward trend as a sign of growing bullish influence. Moreover, the divergence to the norths is an indicator of increased buying power and impending movement north.
Investors need to watch the $0.38 support because a break under this zone could culminate in XRP testing $0.30. On the upside, correction above $0.44 will be key to a retest of $0.48 and $0.50 levels consecutively.
Ripple Key Technical Levels
Key Support Area: $0.3800
Resistance: $0.4200, $0.4400 and $0.4600.
MACD: Divergence hints upward correction.
RSI: Recovery to average levels is a sign for an upward correction.