Ripple market update: XRP/USD bulls can’t wait to conquer $0.4 stubborn hurdle
|- Ripple buyers have been working had to put the resistance at $0.4 behind them.
- The building bullish momentum will come face to face with the resistance at $0.3975 supply zone.
With the cryptocurrency market slightly bullish this week compared to last week, Ripple buyers have been working had to put the resistance at $0.4 behind them. However, the correction above this hurdle has been greatly unsustainable.
The uptrend commenced on Sunday broke above the resistance on Monday and formed a weekly high at $0.4075 on Tuesday. Diminishing buying power culminated in a slide first below the 50 Simple Moving Average (SMA) and the 100 SMA 15-mins and then under $0.40. XRP/USD explored the levels towards $0.3900 key support before a shallow recovery that has been limited at $0.3975 ensued.
At press time, $0.4 remains unconquered while Ripple exchanges hands at $0.3944. The upside is immediately limited by the 100 SMA at $0.3950. The building bullish momentum will come face to face with the resistance at $0.3975 supply zone. XRP/USD needs to correct above $0.4 and establish higher support for a higher correction towards $0.5.
Meanwhile, technical indicators show that the prevailing trend will remain sideways in the coming sessions. The 50 SMA is the immediate support, $0.3925 the next support target and $0.3900 is the major support area.
XRP/USD 15-mins chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.