- Ripple quickly shakes off the bear pressure aiming for $0.5.
- Short-term trend is bearish as the price reacts to the rising wedge pattern.
Ripple weathered down the recent bloodbath that send the market spiraling down like deadweight in the air. Cryptocurrencies lost $26 billion in less than 12 hours. Although there has been a slight correction to the upside the total market cap stands at $183. Bitcoin (BTC) the market leader, is trading marginally above $5,500 after a retraction from $5,200. The coin was trading in a range in the last two months between the limits of $6,800 and $6,200. However, the slide this week has seen it fall into another range with resistance at $5,600 and a support at $5,200.
Ripple price, on the other hand, has been able to quickly shake off the bear pressure. Besides, while the other assets find it difficult to stay afloat, XRP/USD has revamped the trend to the upside from the support at $0.42 heading to $0.5. However, the gains are capped at $0.49 while the token is exchanging at $0.0.466. Ripple retested the support at $0.42 yesterday but bounced back above $0.47. The crypto has traded highs of $0.49 on the day.
Ongoing is the reaction to a rising wedge pattern on the 15′ chart. The price has broken below pattern support. The initial support is at $0.46 (and descending trendline). The second support is highlighted at $0.45 while the recent lows close to $0.42 make the third and most important zone support.
From the indicators like the MACD, we see that the bears are gaining traction. The signal line has crossed into the negative. The RSI has steadily retreated from the levels around 69.69 and is currently in a downward trend at 36.39. The short-term trend for XRP is bearish but if buyers can defend the support at $0.46, then we could see an upside move on the road to $0.5.
More on Ripple’s XRP:
Ripple (XRP) dethrones Ethereum (ETH): RippleNet signs ASEAN bank, CIMB Group
XRP/USD 15′ chart
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