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  • Ripple defends the short-term 61.8% Fibo support.
  • Upward action above $0.30 is still a possibility as long the technical picture keeps improving.

Ripple is battling a weak but developing bearish wave towards the end of the Asian trading session on Wednesday. This follows a loss of traction after  impressive gains which started earlier in the week, failed to break above the key $0.30 level.

The price action has been pressing down on the immediate key support areas including the 61.8% Fibonacci retracement level with the last high from $0.3269 to a low at $0.2126 and $0.28. In spite of the correction, XRP has stayed above the Simple Moving Averages (SMAs) where the 50 SMA on the four-hour chart is offering support at $0.28. Similarly, the 100 SMA is functioning as  support at $0.2668.

Ripple is also trading within the confines of an ascending channel. The lower trendline has been instrumental when it comes to the formation of a higher low pattern. The Relative Strength Index (RSI) suggests that action to the north is still a possibility. The RSI has defended the level at 50 and is now pointing upwards as buyers struggle to regain control of the price.

XRP/USD 240′ chart