- Ripple pivotal motion around $0.4 is mentally demoralizing the buyers.
- The RSI retreat from the oversold means that the path of least resistance is downwards.
- XRP/USD bulls still have the energy to defend $0.40 support in the short-term.
Ripple up and down action around $0.4 is becoming mundane especially for the bulls who would like to see the third largest cryptocurrency trading above $0.5 before the end of June. The incredible performance of Bitcoin in the last couple of days has been largely ignored by XRP.
Meanwhile, XRP/USD pushed against the resistance at $0.4 following the correction from $0.3900. Ripple has been forming a higher low pattern since the beginning of the week where the trendline has been key to the upward sloping trend.
Correction above the 100 Simple Moving Average (SMA) at 0.3971 and the 50 SMA 1-h at $0.4 reignited the bullish momentum sending XRP towards $0.41 hurdle. Attempts for higher correction has not been able to make any significant gain above $0.41, instead, the price is moving lower towards $0.40 support.
Technical indicators suggest a retracement in the current and the coming sessions. The RSI retreat from the oversold means that the path of least resistance is downwards in addition to the bulls being demoralized and exhausted due to the failure to break above $0.41. However, the MACD is sitting comfortably above in the positive region suggesting that the buyers still have the power to defend $0.40 support which is key to higher correction in addition to avoiding declines towards $0.39 and $0.37 support areas.
XRP/USD 1-hour chart