- Ripple is trading at $0.3156 following a shallow recovery from $0.3156 (intraday low).
- Pressure on key support areas continues to mount.
Ripple recently pulled a fascinating move stepping a whisker above $0.33. Unfortunately, the altcoins continue to lag behind Bitcoin’s recovery. For example, while Ripple has only managed to hit highs at $0.3309 from July 29 $0.299, Bitcoin zoomed from $9,472.95 to $12,315 in the same period.
At press time, Ripple is trading at $0.3156 following a shallow recovery from $0.3156 (intraday low). The price is below the 50 Simple Moving Average in the 1-hour timeframe as well as the 100 SMA. Pressure on key support areas continues to mount.
Besides, the confluence detector places the first support at $0.3133. If this level is breached, XRP will be gliding towards $0.3100 (next support target). Other vital support areas to keep an eye on includes, $0.3067, $0.3002, $0.2838 as well as $0.2773.
Glancing upwards, the chances for recovery in the near-term are limited. The strongest hurdle lies at $0.3165. If the assault at this level succeeds, the confluence tool sheds light on $0.3198 as the next significant hurdle. Correction above $0.3200 will face the resistance at $0.3264 as well as $0.3362. It is clear that Ripple’s recovery requires extraordinary catalysts to break above $0.35 and grind closer to $0.4.