Ripple market update: XRP/USD massively chopping off huge chunks of gains

Ripple bears appetite for revenge seems to have been augmented. The impressive gains recorded on Monday have all gone down the drain. As discussed yesterday in the price prediction, the support at $0.31 did not see the light of the day on Wednesday.

The correction under both the 50 Simple Moving Average 1-hour chart and the 100 SMA 1-hour was an immense boost for the bears. Ripple tanked below the tentative support at $0.3150 and pushed the bearish leg under $0.31. Fortunately, the buyers barricaded the zone at $0.3075 taking advantage of the lower price to increase their positions.

At press time, XRP/USD is flirting with $0.3151 after a shallow recovery from the above-mentioned support. An earlier attempt to break out of the falling channel was unsuccessful. The currently building bullish momentum is in tandem with the shallow recovery observed from the technical indicators.

For example, the Relative Strength Index (RSI) is moving making an upward move after correcting from levels around 30. Moreover, the Moving Average Convergence Divergence (MACD) is trending towards the positive region. This means that the bulls are gaining traction in the current session and more upward correction is expected in the coming sessions.

XRP/USD 1-hour chart