- Ripple bulls firmly hold onto the key support at $0.28.
- Consolidation takes precedence amid push for gains above $0.30.
Ripple has remained stable above the key support at $0.28. There have been incidences of the price sliding below this level but the drops have been minor. Moreover, immediate reversal have seen XRP climb back above $0.28. On the upside, buyers have not been able to overcome the resistance at $0.29 let alone the critical level at $0.30.
For now, Ripple is trading at $0.2873 as bulls struggle to build momentum upon the support at $0.28. Recovery is likely to continue being limited especially with the RSI clinging tightly to the midline.
On other hand, the MACD’s downward movement in the positive region highlights the fact that selling pressure is present. This also calls to buyers to remain alert and defend support at $0.28 in order to avoid potential declines eyeing $0.26 and $0.20 support areas.
Consequently, all the top three cryptocurrencies are in consolidation. Bitcoin is holding above $11,600 support as discussed earlier. Similarly, Ethereum also trading sideways above $390. Watching the price action of Bitcoin and Ethereum can be a good indicator for XRP.
At the same time, if volume continues to build, it would increase XRP’s chance of hitting levels above $0.32. For now, keeping the price above $0.28 remains vital to the potential bullish case.
XRP/USD daily chart
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