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  • Ripple declined 30% from the April high to the April low at $0.2827.
  • The upward movement towards $0.4000 will an extremely uphill task due to the multiple hurdles.

Ripple has in the past three months suffered the most compared to the other top five cryptocurrencies. XRP recorded a 1% loss in the period while the other major coins saw increases in their values. It is good to note that Ripple surged at the beginning of April to the extent of hitting highs above $0.3800. In the last 30 days, the second largest altcoin has trimmed 12% of its value. Besides, Ripple declined 30% from the April high to the April low at $0.2827.

Meanwhile, the crypto is trading at $0.3050 below the trendline resistance we explored in earlier published price analysis. The analysis showed new support at $0.3040 which is still strongly in place.

The current trend is sideways above the support. There is still room for growth to the upside, however, for a bullish market to kick in, we will need to see XRP trading above the 100 SMA and correct past $0.3100 in the short-term.

On the contrary, the confluence detector tool disagrees with the above analysis to show that upward movement towards $0.4000 will an extremely uphill task due to the multiple hurdles on the growth path. Marginally above the current price, initial resistance rests at $0.3066. The correction to $0.3100 must clear a second resistance at $0.3098 while $0.3161 and a subtle $0.3193 will limit movement towards $0.3200. A break past $0.3200 will come face to face with the strongest hurdle at $0.3225 while $0.3256 will need to be cleared for an approach to $0.3300. The resistance levels above this level are significantly weak and could easily give way for an upside correction towards $0.400.

As far support is concerned we see the first anchor at $0.3034. Ripple has a shortage of support levels when compared to the multiple resistance zones. The next support target is $0.2971 while failure to reverse the trend at this point will lead to further breakdown to the next target at $0.2844 and finally $0.2717.