Ripple market update: XRP/USD reversal rides on improving technical levels

Ripple bulls are taking a breather from the selling on Wednesday and Thursday. Cryptocurrencies led by Bitcoin dumped significantly after failing to break above key psychological levels. Ripple, for example, attempted to break above $0.28 but failed. The declines that swept across the market, overwhelmed various key support levels at $0.27, and $0.25.

As expected the major support at $0.24 came in the rescue of the buyers who would have been paralyzed on hitting levels close to $0.20. Recovery from the support stepped above $0.26 but the steam fizzled out short of $0.27 hurdle.

Correction from yesterday high at $0.2625 formed a short-term symmetrical triangle pattern. The breakout from the triangle has given way for the ongoing blissful move above the 50 Simple Moving Average (SMA) 156-mins.

Ripple is flirting with $0.2570 at press time. The uptrend is nurtured by improving positive levels. The Moving Average Convergence Divergence (MACD) back in the positive zone. A growing divergence hints that the upward movement will last longer. The uptrend has strength based on the Relative Strength Index (RSI) trend towards the overbought.

XRP/USD 15-mins chart