Ripple market update: XRP/USD struggling to hold onto the 23.6% Fibo
|- Bearish pressure swept in on failure to sustain gains above $0.33 resistance.
- Ripple’s negative inclination could last longer as technical remain largely negative.
Ripple is trending slightly higher from the lows recorded last week around $0.2895. Bearish pressure swept in on failure to sustain gains above $0.33 resistance. The break below the moving averages massively propelled Ripple below the 61.8% Fibonacci retracement level taken between the last swing high of $0.3310 to a swing low of $0.2895.
A higher low pattern has been forming since the recovery staged last week. In fact, at some point, Ripple climbed above the 100 Simple Moving Average 1-hour and the 50 SMA 1-hour. The 38.2% Fib level was tested but a lower correction culminated in declines.
At press time, the price is teetering at $0.2997 and battling to hold the gains above the confluence formed by the 23.6% Fib retracement level and the 50 SMA. The next support target is the ascending trendline as well as $0.2950 and last week’s low around $0.2895.
Looking at the current trend in a technical perspective, the Moving Average Convergence Divergence (MACD) is heading losing ground towards the negative territory. At the same time, the Relative Strength Index (RSI) is making a shallow recovery as a signal that buying pressure is still present. Both of these indicators suggest that Ripple has a negative inclination in the coming sessions.
XRP/USD 1-hour chart
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