Ripple bears triumph over the bulls: XRP/USD Plunges under $0.38 support
|- Ripple corrects below key support ahead of the weekend session.
- The technical picture for XRP/USD has a bearish bias in the near-term.
Ripple bears are gaining traction on Friday ahead of the weekend trading. Just at the time investors were beginning to get used to the consolidation above $0.38 support, XRP/USD dives below the support to trade at $0.3767 at the time of writing.
The correction is not unique to Ripple, as Bitcoin has also dived below $11,000 after staying above the same level since the recovery from the lows under $10,000. Bitcoin cash has also corrected below $400 level while Litecoin continues to explore the levels below $120.
The technical picture shows XRP having a strong bearish bias in the short-term. The price is not only exchanging hands below the moving averages but also the 50 Simple Moving Average (SMA) is increasing the gap below the 100 SMA 4-h. The Relative Strength Index (RSI) is grinding closer to the oversold while the Moving Average Convergence Divergence (MACD) divergence continues to increase inside the negative region.
XRP/USD 4-h chart
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