- The hurdle at $0.3080 is proving to be an uphill task to the XRP bulls.
- XRP risks plunging to lows around $0.30 and even refresh the lows at $0.28 in order to create a fresh demand.
Moments ago, Ripple defended the trendline support. The move is welcomed following the slight declines on Monday. The entire market is painted red apart from Stellar (XLM) whose parabolic move has taken it above the critical level at $0.1. Bitcoin slipped back below $3,900 after failing to sustain growth towards $4,000 psychologically level.
XRP/USD, on the other hand, has not been able to break above $0.32. The hurdle at $0.3080 is proving to be an uphill task to the bulls. However, a broader look at the chart shows that the crypto is in an upward trajectory in spite of the inability to break key resistance. In fact, at the time of press, XRP has cleared the $0.3120 and $0.3140 resistance zones. The ongoing bullish trend has pulled above the 50 SMA and the 100 SMA.
If the bullish trend continues, Ripple will soon reclaim its position above $0.3060 and target the next hurdle at $0.3180. Ripple bulls must battle to break above $0.32 in the near-term. If they fail to do so, XRP risks plunging to lows around $0.30 and even refresh the lows at $0.28 in order to create a fresh demand.
The current bullish momentum is supported by the RSI 15-minutes which is brushing shoulders with overbought. Similarly, the MACD has crossed from the negative region to the positive region. In the event a reversal occurs, expect XRP/USD to find support at both the 50-SMA, the 100 SMA, $0.3120 and the ascending trendline.
XRP/USD 15’ chart