- XRP has a small breakout on the hourly chart.
- Long term still under pressure.
Ripple bulls can cheer for now as the price seems to have broken out of a descending trendline for now and would support the momentum for sometime, although it may continue to face selling pressure on the higher levels from bear assaults.
XRP/USD is up more than 3 percent for the day at $0.468 after retracing a bit from day’s high of $0.4824. On the hourly chart, the price has broken out of a descending trendline and after this run up, its consolidating a bit as overbought RSI cools off.
On the daily chart though, the price still faces pressure at the upper levels and it would be a tough test for the bulls to cross past $0.50, which is a stiff resistance.
XRP/USD hourly chart:
XRP/USD daily chart:
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