- The widespread bear pressure on the market affected Ripple the most; as the price dipped below $0.3000.
- Ripple technical levels signal a strengthening bullish reversal.
Ripple has been trimming gains from the highs formed in the first week of April. As discussed in the price analysis yesterday, the second largest altcoin has not been able to recover from the losses incurred in the last three weeks. The slide on April 11 had found support at the 38.2% Fib retracement level taken between the last swing high at $0.3800 and a swing low of $0.3018. However, attempts to break above the 50% Fib level resulted in another dip that found support at $0.3136.
Ripple spent most of last week pushing for a bullish reversal. A significant move occurred above both the 50 SMA and the 100 SMA. XRP/USD stepped above $0.3400 but the price lost its mojo short of $0.3500. The formation of a Doji candlestick signaled a trend reversal leading to Ripple exploring lower levels.
The widespread bear pressure on the market on affected Ripple the most compared to the other major coins. XRP/USD tanked massively from the broken support at $0.3200, below $0.3000 only to find bearing at $0.2932.
Meanwhile, a correction is ongoing above $0.3000 reclaimed support. The RSI is showing the increasing bullish momentum strength with the retreat from the oversold. Besides, the moving average gap is narrowing to show that the bulls are gaining traction.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
![Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoins-37949586_XtraSmall.jpg)
Crypto today: Bitcoin, Ethereum, XRP tests key support, TRON network non-stablecoin activity hits new highs
Bitcoin, Ethereum, and XRP hover around key support levels after registering a steep correction earlier this week. TRON network’s stablecoin activity hit new highs following the release of SunPump. TRON trades at around $0.1500, almost flat on the day.
![Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin Weekly Forecast: $50,000 on the horizon if it breaks below key support level
Bitcoin price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_04_XtraSmall.jpg)
Vitalik Buterin says all Layer-2 token holdings will be donated to charity, won’t sell for profit
Vitalik Buterin, Ethereum co-founder, has not sold Ether since the altcoin’s ICO in 2018. On-chain transfers by Buterin make headlines as ETH holders keep eyes peeled for selling pressure on the altcoin.
![WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/ethereum_4_XtraSmall.jpg)
WazirX, PenPie and Bo Shen hackers launder $42.7 million in stolen funds through Tornado Cash
Three different hackers responsible for the exploit of crypto assets worth millions of dollars from crypto exchange WazirX, DeFi protocol Penpie, and Founder of Fenbushi Capital Bo Shen are using Tornado Cash to move part of the stolen funds.
![Bitcoin: $50,000 on the horizon if it breaks below key support level](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bit-coin-symbol-flag-3d-illustration-59931110_XtraSmall.jpg)
Bitcoin: $50,000 on the horizon if it breaks below key support level
Bitcoin (BTC) price tests the key support level at $56,000 on Friday, consolidating over a 1% decline this week. If it drops below this support, a continued downtrend is likely for BTC, as suggested by substantial outflows from US spot Bitcoin ETFs, rising institutional selling, and bearish on-chain indicators.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.