Ripple price analysis: Flash crash refreshes lows around $0.2982

There is calm after the storm on the cryptocurrency market. The unexpected storm saw cryptocurrencies the market returned in the red after a week of recording formidable gains. Ripple, for instance, had corrected upwards and tested the resistance at $0.35 twice. However, the bearish pressure cut short the recovery leading to a slide past several support levels at $0.33, $0.32 and $0.30 before finding balance at the low formed at $0.2982.

While there has been a reversal above $0.30, XRP/USD upside has been capped around $0.3050. The price is also trading below the hourly Simple Moving Averages (SMA); the 50-day SMA and the 100-day SMA at $0.3221.

The bulls are slowly gaining traction against the sellers with Ripple trending 1.19% higher on Monday. The hourly Relative Strength Index (RSI) at 37.837 up from the level around 24.00. Besides, the slow stochastic has also changed direction upwards from levels of 5.88 to the current at 55.88. Ripple is inclined to make movements to the north as along the price can break above the immediate resistance at $0.3050 in the short-term. If that is not possible, expect sideways trading to prevail in the coming sessions along the day.