- Ripple remarkably breaks downtrend spiking 14.8% in the last 24 hours.
- The Stochastic RSI shows Ripple hints a reversal in the short-term as Ripple hits oversold conditions.
Ripple (XRP) and Stellar (XLM) are the largest double-digit gainers mid-through this week’s trading. In the last 24 hours, XLM has corrected higher 20% while XRP has majestically spiked in value-adding 14.8% to its value. The formidable gains come after a period of consolidation between the support at $0.24 and the resistance at $0.27.
XRP/USD 1-hour chart
The struggle to rise above the 23.6% Fib retracement level resistance finally bore fruits on Tuesday. The move encouraged the buyers who doubled-down the recovery by increasing their entries. XRP thrust its way through multiple key resistance zones including $0.27, $0.28, the 61.8% Fib retracement level taken between the last swing high of $0.3126 to a swing low of $0.2503 and $0.30.
Further correction north made a quick comeback above $0.31. However, the next hurdle at $0.32 remains untested. For now, Ripple is trading at $0.3053 amid the struggle to defend $0.30 short-term and propel the price above $0.32.
The Stochastic RSI shows a reversal having reached 9.5 levels. The oversold conditions signal that a reversal impends. Besides, the moving average convergence divergence (MACD) is holding ground at +0.008080 after a minor retreat from +0.099. A visible negative divergence confirms the existing bearish pressure. This means that the buyers cannot underestimate the power the bears have despite the recent upward correction.
As far as support areas are concerned, $0.30 is the most viable short-term support. In the case it caves into selling pressure, the 61.8% Fibo near $0.29 will cushion the drop. However, other key support areas include $0.28, $0.27 and $0.25 and $0.24.
XRP Key Technical Levels
Spot rate: $0.3053
Relative change: +0.198288
Trend: Generally Bearish
Technical picture: Short-term bearish bias.
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