- Ripple is down over 2% on the day amid widespread crypto declines.
- There are significant hurdles towards $0.60, besides the path of least resistance is to the downside.
Ripple made an incredible upswing in the mid of September adding at least 80% on its dwindling value. The recovery was mainly driven by a change of investor sentiments towards XRP as Ripple announced one of its awaited payment solution, xRapid. The crypto traded higher above $0.6 and tested $0.7 before the investor started taking profits leading to a slide.
Ripple has, however, maintained trading above the new primary support at $0.40. Moreover, the price has been stable above $0.50. Attempts to correct higher have been met by increasing selling activity at $0.60. At press time, XRP/USD is exchanging hands at $0.51 but it is more inclined to a gains trimming activity in the short-term. Besides, the trendline support at $0.53 ignited extended declines towards the short-term support at $0.50.
Meanwhile, there are several significant hurdles to the upside with the 50SMA limiting retracement at $0.53 and the 100SMA at $0.54. Ripple buyers must break the support at $0.55 for a correction towards the critical resistance at $0.60. The RSI is heading into the oversold region. Similarly, the longer term 100SMA is stuck above the 50SMA showing that the sellers are increasing their entries, at least for now.
XRP/USD hourly chart
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