- Ripple zooms past $0.40 broken support testing $0.5 to the upside.
- The darkest time of the night is before dawn; bulls believe in a continued breakout.
Bulls are currently stealing the moment in the cryptocurrency market. Following the plunge last week that saw the market wipe off $16 billion in one day, the buyers have decided to come back with vengeance against the bulls. Ripple (XRP), for instance, is trading 14% higher than the opening price on Monday 15.
XRP/USD spent the weekend nursing wounds after it broke below $0.4 support. The bears grip on the price continued and Ripple traded lows of $0.377 before embarking on an upward journey that unfortunately was limited by the trendline resistance.
However, the bulls regrouped using the support at $0.4 and spiked in a couple of engulfing candles. The price stepped above $0.48 but stalled short of $0.5. Ripple is currently trimming the gains towards the next support target as bears battle to regain control.
The trend prevailing at the moment is bullish and Ripple is likely to resume the uptrend using $0.44 as a bounced wall. Likewise, the crypto is trading above the Moving Averages while both the MACD and the RSI are sending positive signals for the short-term. If the support at $0.44 were to give in to selling activity, $0.40 and $0.377 will save the day for the bulls. On the flipside, $0.5 is the next hurdle that is preventing the price from creating a trajectory to $0.6.
XRP/USD hourly chart-636751882403384439.png)
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