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Ripple price analysis: XRP/USD lock-step trading hinders progress

  • Ripple stays above the main trendline support despite the losses towards $0.28.
  • The narrowing SMA gap spells doom for the Ripple in the coming sessions.

Ripple bulls are pushing for recovery after a brief dive towards the $0.28 support area. On the upside, movement above $0.30 has proved to be unsustainable. The sellers are largely in control especially with the 50 Simple Moving Average (SMA) on the one-hour chart inching closer to the 100 SMA.

The Relative Strength Index (RSI) is gradually trending upwards after brushing shoulders with 30 earlier today. As long as the RSI advances towards the overbought, Ripple bulls will push to regain control. Besides, the prevailing trend is generally bullish amid expanding volatility.

Glancing higher, Ripple must push for action above $0.30 in order to revive hope of trading above $0.32 supply zone over the next few days. The cryptocurrency market is known to be quite volatile on Monday. The effect of the volatility coupled with the improving technical picture could pave the way for gains above $0.32.

XRP/USD one-hour chart

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