Ripple price analysis: XRP/USD pacing towards $0.29
|- A lower leg under $0.29 could extend the price action to the next support target at $0.28.
- Sustaining the price above $0.29 is key for retracement above $0.30.
Ripple price is glancing lower after the rejection from $0.3050 resistance. The path of least resistance remains to be to the downside despite the shallow recovery from the support at $0.29 (August 9 low). Besides, the entire crypto market has an affinity for declines.
The majority of the top twenty cryptocurrencies are in the red with losses between 1% and 3%. The two-hour chart for XRP/USD trading pair shows the retreat from the hurdle at $0.3050 having dived below the 50 Simple Moving Average (SMA) at $0.30.
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Technically, Ripple has the capacity to smash through the short-term support at $0.2950. Intense pressure on the support areas is highlighted by the falling trend in the Relative Strength Index (RSI). Moreover, the increasing positive divergence in the Moving Average Convergence Divergence (MACD) suggests that selling influence is on the rise.
A lower leg under $0.29 could extend the price action to the next support target at $0.28. Further breakdown is likely to open the Pandora box and intensely push Ripple price towards $0.25. Therefore, sustaining the price above $0.29 and probably a boost above $0.30 will serve as a miracle to the bulls in forming the foundation for the next rally.
XRP/USD 2-hour chart
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