- Ripple declines find a stable ground at $0.51; the only way is up, for now.
- XRP/USD is bullish above the key support but range-bound below the bearish trendline.
Ripple has tried to control the decline after breaking below $0.55 (yesterday’s support). There nice but brief recovery from the slide on Monday which took a pit stop at $0.54. Ripple reached higher above $0.55 and even traded above $0.58. The momentum started to lose strength on failure to break the resistance at $0.59. The bulls fought for consolidation above $0.55 on Tuesday but the selling pressure, partially driven by the widespread bear pressure in the market extended the declines.
The short-term support at $0.55 could not hold and neither did the previous support at $0.54. Ripple price downward move slowed down above $0.51 while testing $0.50. XRP/USD is currently settling in a range. However, the trend status is bullish as observed by the RSI reaching upwards towards the 50% mark. Immediately to the upside, the bearish trendline is offering resistance. A break beyond this line is expected to open the door for more gains. Both the 50SMA and the 100SMA (15’chart) will limit gains at $0.5239 and $0.54 (broken support).
The entire cryptocurrency market is making lower corrections in the first week of October. At the time of writing the market capitalization has declined by $5 billion from $219 billion on Tuesday 2 to $214 on Wednesday 3.
XRP/USD 15′ chart -636741537221516865.png)
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