- Ripple embarks on gains trimming exercise losing over 2% during the Asian session on Thursday.
- Sustaining the price above $0.30 will be instrumental in the recovery towards the $0.32 critical level.
The crypto market is back in the red as bears get in action. All the major cryptos are posting declines led by Ripple at -3%, Ethereum at -1% and Bitcoin at -0.6%. After opening the session at $0.3106, a sharp dive occurred hitting lows of $0.2961 before adjusting to $0.3027. The prevailing trend is bullish amid shrinking volatility.
The drop above was unexpected where tentative support areas at 61.8% Fibonacci retracement level taken between the last swing high of $0.3150 to a swing ow of $0.2859 and $0.30 gave in to the mounting pressure.
With XRP above $0.30, the 50 Simple Moving Average on the 1-hour chart and the 100 SMA are ready to provide the much needed support. A trendline support is also in line above the key zone at $0.29.
The Relative Strength Index (RSI) is staying almost piercing past 50. If the trend continues towards 30, sustaining XRP above $0.30 will be a pipe dream.
XRP/USD 1-hour chart
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