- XRP buyers must pull out the bear range to put the downtrend to a halt.
- Technical indicators on the chart show XRP/USD is poised for a move to the south.
The crypto market is back in the red again in spite of the bullish correction over the last weekend. XRP has not been spared by the bear correction with declines of 1% on the day. Ripple’s XRP has been able to control the losses quite well in comparison to other assets. Ethereum, for instance, is down 2.06% and has slipped below $150. IOTA (MIOTA) is among the worst hit with declines of 3.36%.
Meanwhile, Ripple has stuck in the narrow range it fell into after the rejection at $0.46 (December 24). The trading in the last two weeks has been mundane, lock-step and lacking the catalyst to break past the stubborn resistance at $0.40. On the flipside, the bulls have drawn the line in the sand preventing movement beyond $0.36.
At press time, XRP is exchanging at $0.37 and is within the hourly 100-day Simple Moving Average (SMA), which is limiting gains to the upside and the 50-day SMA, which is offering immediate support. A key breakout point exists at $0.38, movement above this position will pave the way more correction which will eventually step above $0.40.
However, the outlook of the chart shows that XRP/USD is poised for a move to the south. The stochastic on the same chart is at 30.00 and still heading for the oversold. The short-term 50 SMA has double-crossed above the 100 SMA indicating the sellers could be gaining ground against the buyers.
Cryptocurrency market update: ECB member blasts cryptos – Bitcoin, Ethereum and XRP in the red
XRP/USD 1-hour chart
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