- The bear pressure continues to turn support levels in impenetrable fortresses.
- XRP/USD changing hands at $0.2520 following a 1.57% loss on the day.
Ripple’s performance has not been impressive in the past couple of months. The bear pressure continues to turn support levels in impenetrable fortresses. The recent dive to levels close to $0.24 almost paralyzed the bulls. While shallow recovery movements put smiles on investors’ faces, the celebration was short-lived with the former support at $0.28 barricading movements towards $0.30.
To make matters worse, the largely unprotected downside has allowed another bull battering with XRP exploring levels marginally above $0.2450. A staged recovery from the intraday low lost steam short of $0.26. XRP/USD changing hands at $0.2520 following a 1.57% loss on the day.
Unless the Relative Strength Index surfaces above the oversold and the Moving Average Convergence Divergence reduces the negative divergence, XRP is doomed to slide even lower that the major support at $0.24. It is vital for XRP to ascend the levels and clear the resistance at $0.28 to be able to come out of the bear range.
XRP/USD 1-hour chart