Ripple (XRP) plummets 22% in a month: XRP/USD could break $0.50

• Ripple is gaining ground from the ashes; eyes glued on $0.50.
• Range resistance turned into support as buyers get ready for a comeback.

Ripple has been very unpredictable amid the year-long bearish trend. Towards the end of September, Ripple oozed the brightest fireworks lighting up the cryptocurrency landscape and skyline with incredible gains from the then support at $0.25 to the highs touching $0.6. While this spike was mainly supported by the launch of Ripple’s xRapid payments solution system, Ripple has continued to trim the gains ignoring several positive news through October.

The trading in October has seen Ripple record losses amounting to 22%. XRP/USD has declined to explore the lows below the 100 SMA (daily chart). There was a slide to $0.377 in the second week of October before the bulls changed tactic in a revenge mission. The upside has, however, been locked below $0.5 while the downside has been protected at $0.437 (Monday lows).

A correction from the support has recovered the price from the bear range where upward moves had been limited at $0.455. At the time of writing XRP/USD is gaining ground towards $0.50 but exchanging at $0.461. Breaking above $0.50 will mark the return of the bulls as they get ready for the much anticipated end year rally. However, it is becoming hard to predict the price action due to the stability across the market with assets’ volatility greatly reduced.

The former resistance at $0.450 has now turned into a viable support currently coinciding with the 100 moving average. Another support is observed at the 50 SMA ($0.45, hourly chart) while the major support rests at $0.4350 slightly below the week’s low at $0.437.

XRP/USD 1-hour chart