- Investors need to get accustomed to Ripple staying under $0.3.
- The 50 SMA is increasing the gap below the 100 SMA as selling action continues.
The top three cryptocurrencies lead the market in a retreat phase following the false breakout on Monday. Ripple for the first time in seven six days stepped above the resistance ‘at $0.28. Nonetheless, the momentum lost steam marginally above $0.28. XRP has since caved in to the selling pressure as the bears trample on the bulls.
Glancing at the hourly chart, we see Ripple trading at $0.2685 while battling the resistance at the 50 Simple Moving Average. $0.27 failed to hold as support during the retreat from the weekly highs but currently is limiting movement north.
From a technical perspective, investors need to get accustomed to Ripple staying under $0.3. The Moving Average Convergence Divergence (MACD) is has a negative divergence while in the negative territory. At the same time, the 50 SMA is increasing the gap below the 100 SMA. The bearish price action is likely to continue in the near-term.
As for support areas $0.26 is a credible cushion zone. Other key levels to lookout for are $0.25 and $0.24 respectively.
XRP/USD 1-hour chart