- Ripple’s support at $0.4 gives in to bear pressure as the market turns red.
- Technical levels point towards bearish correction in the near-term sessions.
Ripple is fighting to hold on to the gains of 1.85% according to the intraday charts. However, the bear pressure is rising fast across the board. My prediction earlier today that Ripple had the potential to stay above $0.400 in the short-term failed to materialized as the price is currently dancing with $0.3990.
The bulls are working hard to ensure that the support at the 23.6% Fib retracement level taken between the last swing high of $0.4949 and a swing low of $0.3893. Correction to the upside is largely hampered by the moving averages (both the 50 Simple Moving Average and the 100 SMA). The broken support at $0.41 is now capping the gains to the upside while $0.4300 remains a key hurdle as observed on the hourly chart.
Technical levels point towards bearish correction in the near-term sessions. The Relative Strength Index (RSI) is heading south towards the oversold. However, the Moving Average Convergence Divergence (MACD) trend has not been affected by the flash drop and suggests a reversal. Ripple needs to correct above $0.40 and establish support above $0.43 in order to come out the bear range.
XRP/USD 1-h chart