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XRP/USD Calm After The Storm

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XRP/USD Calm After The Storm

The widespread bear pressure on the market affected Ripple the most; as the price dipped below $0.3000.
Ripple technical levels signal a strengthening bullish reversal.

Ripple has been trimming gains from the highs formed in the first week of April. As discussed in the price analysis yesterday, the second largest altcoin has not been able to recover from the losses incurred in the last three weeks. The slide on April 11 had found support at the 38.2% Fib retracement level taken between the last swing high at $0.3800 and a swing low of $0.3018. However, attempts to break above the 50% Fib level resulted in another dip that found support at $0.3136.

Ripple spent most of last week pushing for a bullish reversal. A significant move occurred above both the 50 SMA and the 100 SMA. XRP/USD stepped above $0.3400 but the price lost its mojo short of $0.3500. The formation of a Doji candlestick signaled a trend reversal leading to Ripple exploring lower levels.

The widespread bear pressure on the market on affected Ripple the most compared to the other major coins. XRP/USD tanked massively from the broken support at $0.3200, below $0.3000 only to find bearing at $0.2932.

Meanwhile, a correction is ongoing above $0.3000 reclaimed support. The RSI is showing the increasing bullish momentum strength with the retreat from the oversold. Besides, the moving average gap is narrowing to show that the bulls are gaining traction.

XRP/USD 4-hour chart

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Image sourced from Pixabay

Posted-In: Bitcoin CryptoCryptocurrency News Forex Global Markets General

 

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