Search ForexCrunch
  • Ripple joins the rest of the crypto market to push for a reversal from the losses accrued since Monday.
  • The support at $0.24 came out strongly but trading above $0.26 and $0.28 is key for gains above $0.30.

The last couple of days have been tough on many cryptocurrencies including XRP. Ripple remained depressed following the slide on Friday. The weekend session was characterized by low trading activity leading to consolidation between $0.26 and $0.27.

Ripple, however, resumed the downtrend on Monday whereby it explored the levels below $0.25 support. Lower levels at $0.24 were tested before a shallow reversal was allowed above $0.26.

Meanwhile, the buyers are awake and pushing for gains above the trendline resistance (descending). The other hurdles that must come down in order to pave the way for gains heading to $0.30 are $0.26, the 50 SMA on the 4-hour chart, the 100 SMA currently at $0.2766 and $0.28.

The MACD and the RSI are sending positive signals which further cements the position the buyers in the market. Trading above $0.26 and $0.28 will most likely be followed by significant movement north.

XRP/USD 4-hour chart