XRP/USD $0.495 hurdle hinders spike above $0.50

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  • Ripple unable to escape the range resistance but all eyes are set on $0.5.
  • Following the previous surge, XRP/USD continues to trim gains while rejecting support levels.

Ripple is currently stuck in a range below $0.495. However, its downside appears to be strongly protected at $0.47. The recent declines below the support at $0.50 did not stand well with the buyers who had been getting accustomed to higher levels towards $0.60. Fortunately, the market is generally stable, which means that the price performance depends mostly on demand and supply as well as trader sentiments.

Ripple is the third largest crypto in the market and currently boasts of having a market cap of $19 billion. About $458 million in exchange volume has been traded in the last 24 hours. Both the market capitalization and the trading volume have gone down considerably after the surge in the last week of September fizzled out. Ripple shook the ground in the market, although briefly when it surpassed Ethereum (ETH) market capitalization. It, however, retreated to its position and has since been trimming gains.

In the meantime, Ripple (XRP) is trading at $0.48 while immediately supported by the hourly 50SMA. The price is battling for a retracement above $0.5 but first, the buyers must brace themselves for a battle at the supply zone (0.4950). A correction above this stubborn level is likely to open the door for additional gains above $050. Meanwhile, the short-term ascending trendline will continue to offer support slightly above $0.48. In the event sellers increase their presence in the market $0.47 and $0.45 will come in handy to provide refuge to the bulls.

XRP/USD 60’ chart


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