Connect with us

Hi, what are you looking for?

ELEVENEWS

Ripple

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

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

source featured

Advertisement

Copyright © 2020 Elevenews