- Ripple ignores short-term overbought levels to extend the bullish action above the 50 SMA.
- Key support areas at $0.25 and $0.24 remain vulnerable to declines as long as $0.28 remains unconquered.
Ripple is struggling to shake off the selling bear pressure and possibly re-enter a positive zone above $0.28. The declines across the crypto space last week tested $0.2450 support, in turn, defending $0.2400 major support zone. An initial recovery failed rally the buyers. XRP/USD leg stepped above $0.26 but the momentum fizzled out at $0.2627 leaving $0.2650 untested.
Following the failed recovery attempt, Ripple settled in a narrow range between $0.25 and $0.26. Weekend sessions saw XRP remain pivotal at $0.2550 with the upside limited by the descending trendline resistance.
A breakout above the trendline resistance yesterday saw the bulls swing into action propelling Ripple above the 100 Simple Moving Average and the 50 SMA 1-hour. The bullish action completed the leg up to $0.2650 but failed in sustaining the momentum.
XRP/USD shallow correction bottomed at $0.26 giving way for the current motion above the 50 SMA. Technical indicators are aligned for Ripple to remarkably extend the move above $0.2650 barrier. Besides, the support areas at $0.25 and $0.24 remain vulnerable as long as XRP stays under $0.28 resistance.
For instance, the Relative Strength Index (RSI) is holding ground above 70 ignoring the short-term overbought conditions. At the same time, the Moving Average Convergence Divergence (MACD) is at ease within the positive zone. These two indicators paint a positive picture for Ripple in the near-term.
XRP/USD 1-hour chart
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