- Ripple meets fresh supply once again above $0.16 on Sunday.
- Technical set up points to a bearish bias in the near-term.
- XRP bulls need a daily closing above $0.16 for sustained move higher.
Ripple (XRP/USD) is trying hard to build onto Saturday’s advance, but the bulls appear to lack vigor so far this Sunday. Sellers continue to lurk above the 0.16 handle, making it very difficult for the coin to extend Friday’s recovery from 0.1450 levels. The third-most favorite cryptocurrency rose as high as 0.1618 before reversing towards the intraday low of 0.1566. The coin, currently, exchanges hands at 0.1580, having shaved off the early gains while up 2.50% over the last 24 hours. Its market capitalization stands at $ 7.03 billion.
Short-term technical outlook
Looking at the hourly sticks, the price traverses within a rising channel formation, having fallen back the 50-hourly Simple Moving Average (HMA) at 0.1597. Thereafter, the coin briefly tested the immediate support of the 21-HMA at 0.1581, as the hourly Relative Strength Index (RSI) inched lower to challenge the mid-line at 50.0. Should the selling pressure intensify, the next support near 0.1560 region, the confluence of the upward sloping 100-HMA, channel support and daily low, will be put at risk. The rising channel breakdown will get confirmed on an hourly close below the latter, opening floors for a test of the horizontal 200-HMA at 0.1523.
Alternatively, should the bulls manage to defend the 0.1560 zone, a bounce back to the 0.1600 level cannot be ruled, beyond which Saturday’s high of 0.1622 and then the channel resistance at 0.1635 could be on the buyers’ radar.
XRP/USD 1-hour chart