Ripple price analysis: XRP/USD brief weekend surge fizzles out as focus shifts to $0.29
|- Ripple once again fails to break $0.30 resistance, in turn, putting pressure on $0.29 and $0.28 support areas.
- The price is trading at $0.2925 with the immediate downside protected by the 50 SMA.
Ripple price has over the past few days displayed resilience in spite of the generally bearish conditions experienced across the board. Correction from highs around $0.3047 on Friday last week found refuge above $0.28. A weekend's shallow recovery zoomed towards $0.30 but XRP’s momentum hit a dead end at $0.2975.
At the time of writing, Ripple is trading above a short-term ascending trendline. The immediate downside is supported by the 50 Simple Moving Average (SMA) on the one-hour chart. At the same time, the longer-term 100 SMA is hindering movement to the north.
The Relative Strength Index (RSI) is struggling to hold above the average (50). A movement towards 30 (oversold levels) could see XRP slash the gains made to test $0.29 support. Besides, the Elliot Wave Oscillator shows four consecutive bearish sessions. Ripple bulls must be careful not to let their gut down and give in to selling pressure because the battered sellers want to send XRP back to $0.22 (major support).
XRP/USD one-hour chart
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