- Ripple tumbled massively from highs above $0.30 only to find support at $0.23.
XRP/USD looks forward to a breakout above a key descending trendline as support at $0.23 holds.
Ripple, the self-proclaimed cross-border blockchain solution provider fell in tandem with the rest of the cryptocurrency market after a bearish wave swept across the digital space. Bitcoin and Ethereum were forced below key areas of support where BTC tested $9,900 while ETH hit pause above $300. XRP on the other hand, tumbled from highs above $0.30 to test support at $0.23.
Following the establishment of support at $0.23, XRP bulls have been on a mission to correct the negative gradient on the chart and stage recovery above $0.30. The 1-hour chart shows that all instances of recovery have not managed to bring down the resistance at $0.24. Besides, sustaining gains above $0.24 has also been an uphill task.
Meanwhile, it is essential to recognize the strong support at $0.24 (test several since last week). XRP/USD is trading at $0.2335 amid a minor rejection from a descending trendline. At the moment, two areas of interest are the support at $0.23 and the resistance at $0.25. However, the descending channel seems to be the determinant of the expected breakout eying $0.30.
The ongoing breakdown is reflected by the Relative Strength Index (RSI). Support at $0.23 is expected to come in handy amid the drop. Another bounce from the support is accorded the proper volume would pave the way for gains above the trendline hence, setting XRP up for a barrier-breaking mission. It is important to keep the RSI under watch as growth above the midline would signal; a significant price reversal. The 50 SMA is holding above the 100 SMA as a sign of strength from the bulls as well.
XRP Intraday Levels
Spot rate: $0.2346
Relative change: -0.0023
Percentage change: -0.97%
Trend: Short term bearish bias
Volatility: Low