- Ripple renews the bullish trend after testing support at $0.26.
- The path of least resistance is upwards as highlighted by the RSI and the MACD.
Ripple embarked on an upward roll after plunging further under $0.30 to test support at $0.26. The third-largest cryptocurrency by market capitalization has on multiple occasions in August been purged from highs above $0.30. A monthly high traded at $0.32 marked the end of the bullish action towards $0.40 and paved the way for losses under $0.30.
Following the support at $0.26, XRP commenced an intriguing recovery towards $0.30. The initial break above the descending trendline boosted the price farther up. XRP/USD hit highs above $0.28 before stalling just before the 100 SMA in the 4-hour range. Glancing upwards, more hurdles are envisaged at $0.29 and of course, the psychological resistance at $0.30.
For now, the trend remains in the hands of the bulls supported by most of the technical levels. The RSI is almost crossing above 70, building on the consistent recovery from oversold levels recorded on Thursday. Ripple’s bullish scenario is also emphasized by the MACD as it extends the action above the mid line. A break above $0.29 and $0.30 would most likely propel XRP above the critical $0.3250.
On the flip side, initial support is expected at $0.28 in the event a reversal comes into the picture from the prevailing price levels. The 50 SMA will also come in handy at $0.2781. Other lower support areas include $0.27 and $0.26.
XRP/USD 4-hour chart
