Ripple market overview: XRP/USD recovery dealt a massive blow, capped under $0.27

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  • Ripple finds solace above $0.26 support after bears drill holes in other support zones.
  • The RSI’s retreat towards the average will suggest bulls are gaining traction against the bears.

Ripple bears continue to drill holes in key support areas. Last week’s attempt to correct above $0.3 hurdle miserably failed to gain traction above $0.29. For this reason, the price action that followed has been strongly bearish endangering viable support areas.

At the time of writing, Ripple price is holding ground above $0.26 while the immediate upside is capped under $0.27. the prevailing trend is slightly bullish but inclined towards making sideways trading.

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Looking at the hourly timeframe chart, the Relative Strength Index (RSI) leveling slightly below 30. Retreat towards the average will suggest bulls are gaining traction against the bears. Moreover, it is vital that the buyers increase their positions to push XRP above $0.27. Besides, trading above the short-term descending trendline could give the price a boost above the moving averages. Importantly, the best bet for Ripple is to see the price above $0.30.

XRP/USD 1-hour chart

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