- Ripple buyers ignore oversold levels to push for gains above $0.33.
- Ripple revamps the trend above $0.34 following a 5% rise on the day.
- The bulls must establish support above $0.34 for a correction above $0.35.
Ripple has embarked on a journey to the upside on the day the cryptocurrency market is slowing down the momentum. As discussed yesterday, while most cryptocurrencies were recording significant gains, XRP only achieved mild gains. In fact, the momentum lost steam under $0.33 opening the way for a retracement towards the short-term support at $0.32.
The mild gains started over the last weekend. Before the gains Ripple was stable above $0.30. At the same time, the upside had been capped at $0.31. If we go back to the trend on February 8, Ripple revamped the trend from the support at $0.287 zooming past $0.30 and $0.31. However, the momentum slowed down on touching $0.32.
In the last week, XRP was stable between $0.30 and $0.32. The trend on Monday saw the buyers push for a reversal. As mentioned, the trend stalled at $0.33 but the European session on Tuesday has reignited the gains and XRP/USD has retraced the steps above $0.34.
At press time, Ripple is trading at $0.344 while supported by rising trading volumes. The 24-hour volume has increased from $887,187,377 recorded on February 18 to the current $1 billion. A broader look at the hourly XRP/USD chart shows that the technical levels are strongly positive and will continue to support the bullish trend. Oversold levels are being ignored with the Relative Strength Index (RSI) at 76.92 and the stochastic on 80.00. I expect Ripple to touch $0.35 in the near-term and establish support above $0.34.
XRP/USD 1-hour chart 
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