Market Overview

Ripple Is Calm After Last Week's Storm; The Path Of Least Resistance Is Sideways

Ripple Is Calm After Last Week's Storm; The Path Of Least Resistance Is Sideways
  • Ripple is calm after last week’s storm; the path of least resistance is sideways.
  • Trading above the 38.2% Fib level could open the way for further correction heading to $0.5.

Ripple succumbed to acute losses towards the end of last week. While support was established at $0.3893 (Fib levels swing low), correction above $0.40 has not been able to clear the resistance at the 38.2% Fib retracement level taken between the last drop from $0.4946 to a low at $0.3893.

The buyers are tasked with a mission to sustain the price above $0.40 which will allow them to gather the strength to assault the levels towards $0.5. Meanwhile, trading at $0.4093 the price is facing resistance at the confluence formed by several converging technical indicators; the 50 Simple Moving Average (SMA), 50 SMA and the 23.6% Fib retracement level.
Continued movement upwards will encounter more resistance at $0.44 and later $0.46. For now, consolidation is expected to continue as the bulls await a catalyst. The Moving Average Convergence Divergence (MACD) is still unable to recover above the mean line and holds tight to the mean line. The same ranging trend is seen with the Relative Strength Index (RSI), which further confirms the ranging price between the swing low and the 38.2% Fib level.

XRP/USD 1-h chart

Image Sourced by Pixabay

Posted-In: crypto market FXStreetCryptocurrency News Eurozone Forex Markets General


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