Search ForexCrunch
  • Ripple alongside Bitcoin and Ethereum fight to shake off the selling pressure.
  • Ripple is likely to retested a lower level, probably $0.22 before a significant reversal takes place.

Ripple is still grappling with the paralyzing bearish wave that swept across the market on Tuesday. Three days later, recovery has been shallow and the trend largely unchanged. The price action of Friday during the Asian session has seen XRP correct lower 1.62%. An attempt to rise above $0.25 resistance has been strongly resisted forcing XRP/USD to reverse on hitting $0.2439 (intraday high).

The price is also trading below the simple moving averages whereby the 50 SMA on the one-hour chart is hindering growth at $0.2424. In the event, XRP defies the expected breakdown due to the bearish flag pattern, movement above $0.25 will be hampered by the 100 SMA currently at $0.2545

The technical picture is still aligned to the bears. The moving average convergence divergence is stuck below the zero line since September 18 and 19 when XRP hit levels above $0.32. The relative strength index is also retreating gradually after the rejection from the 60’s range twice this week. If the RSI continues with the lower correction, this will allow the bears to increase their grip on the price.

XRP/USD one-hour chart