- Ripple bounces off the trendline support in a bid to continue the battle towards $0.30.
- Ripple is strongly supported to the downside starting from $0.23, $0.22 and $0.20.
The Asian session is characterized by slightly bullish forces across the board on Tuesday. The majority of the digital assets, including Ripple, are recording gains between 0.3% and 4% on the day. Ripple is exchanging hands at $0.2340 and has corrected a higher 0.51% on the day. However, the ongoing short term trend is bearish amid high volatility levels.
Looking back at the trend since the beginning of January, Ripple has improved greatly. For instance, XRP market value is significantly higher compared to the price on January 1, 2020. Moreover, the crypto has managed to traded highs above $0.25.
The correction from the recent high appears to have found a stable support at the 61.8% Fib retracement level taken between the last drop from $0.2542 to lows at $0.1852 (marginally below $.23).
Ripple is also supported by the 50 SMA on the 4-hour chart as well as the confluence created by the 100 SMA and the 50% Fibo around $0.22. Also positioned to shield the third-largest cryptocurrency from a devastating drop is $0.20 and $0.18.
On the upside, XRP must clear the resistance at $0.24 to open the door for gains towards the next hurdle at $0.25. The main aim of the bulls is to see the price above $0.30 before the end of January.
XRP/USD 4-hour chart
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