- Ripple price must defend $0.28 support at all costs to set the framework for the pullback to $0.35.
- The seller congestion zone at $0.30 must come for gains above $0.30 to materialize.
Ripple is making a comeback towards the broken support at $0.30. The recovery follows a slump from highs marginally under $0.35 to lows of $0.27119. The Bollinger bands daily middle curve formed a confluence with the 21-day SMA, offering the bulls refuge and preventing more losses towards $0.25.
At the time of writing, XRP is doddering at $0.2914 after adding 1.48% to its value on Tuesday. The Asian session has been dominated by bullish influence, however, the bulls still lack enough power to disperse the sellers congested at $0.30. On the brighter side, intraday levels show that the trend is in favor of the bulls amid high volatility.
As long as the BB daily middle curve confluence with the 21-day SMA continues to hold, there is a possibility movement north will be forthcoming in the near term. Moreover, the price closed the day above the 200-day SMA as an indicator of continued buyer presence
However, a bearish divergence by the MACD shows that selling activity cannot be ignored. Therefore, guarding support at $0.28 should come among the bulls’ top priorities.
TraderSmokey, a popular trader and analyst on Twitter believes that Ripple still has the potential to lead in the altcoins recovery phase as long as it above to close its daily above $0.28.
If XRP closes this daily above .28$ on the USD Pair and above the daily 200MA on the BTC Pair I’ll be back in, but with less size. Risking less and if it starts going again I’ll add on the upside. A lot of flip flopping around XRP from me but it still looks fine in my opinion.