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  • Ripple upward momentum from support at $0.2700 stalls at $0.30.
  • Shrinking volatility suggests that there will limited price action with XRP/USD ranging between $0.28 and $0.30.

Spot rate: $0.2921

Relative change: -0.0065

Percentage change: 2.1%

Trend: Bullish

Volatility: Shrinking

XRP/USD daily chart

XRP/USD price chart

Ripple’s dive from the recent high at $0.3480 embraced support established at $0.2700. A two-months trendline also contributed to the recovery from the dip. However, the bulls couldn’t sustain gains above $0.30. As long as the price stays above the 61.8% Fibo level of the last drop from $0.3480 to a low of $0.1750 support, XRP will continue to hold onto the potential for a recovery towards $0.33. XRP is also looking forward to the formation of a golden cross, likely to send the price significantly above the recent highs.

XRP/USD 2-hour chart

XRP/USD price chart

The rejection at $0.30 forces XRP/USD to test the Bollinger band 2-hour middle curve. Digging deeper towards the lower curve push Ripple below the next support at $0.28. The RSI in the same 2-hour range is almost diving under the average amid the increased selling action. The bulls clearly lack confidence in the recovery, besides the uptrend from the recent support was not supported by the fundamentals. In the near-term, the price is likely to hold between $0.28 and $0.30 as sideways trading takes over.

 

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