Ripple price analysis: Rises from the ashes, hits a snag at $0.52

0
18


  • Ripple reclaims position above $0.5 but hits a dead end short of $0.52.
  • A reversal is imminent in the short-term; buyers must defend $0.50 support to avoid more breakdown.

Ripple creeped below $0.5 during the evening (GMT) trading session on Thursday. As discussed in a price analysis published by FXStreet earlier today, the world’s third largest crypto found support at $0.49 before resuming the uptrend that has cleared the resistance at $0.50.

The digital asset can be seen trading at $0.512 while using the initial weak support at $0.510. The price is above both the hourly simple moving averages (50 and 100) both of which will work as support lines in case of dips towards $0.50.

The bullish trend has slowed down, unable to break past the immediate resistance at $0.52. The previous high at $0.55 is the critical resistance that is broken will clear the path for movement above $0.6. Ripple has in the past couple of months put a smile on the community with incredible gains defying the long-term market bear trend. The sentiment change towards XRP is mainly caused by the developments the company is making in ensuring that the traditional financial sector is revolutionized.

A look at the chart of XRP/USD shows that a reversal is imminent in the short-term. The buyers can however, prevent this buy ensuring $0.5 support is defended at all cost. Below this level Ripple could breakdown further to test $0.45 and eventually $0.4.

XRP/USD 1-hour chart

Get the 5 most predictable currency pairs



Article Source

LEAVE A REPLY

Please enter your comment!
Please enter your name here