- Ripple resumes the downtrend after a triangle breakout bounced.
- XRP/USD is strongly supported with the first short-term support holding ground at $0.28.
After leading the recovery on Thursday, XRP bulls are taking a breather before launching another assault. The bullish leg yesterday remarkably stepped above $0.30 but failed to sustain the upward movement.
For this reason, the price is suffering under a relatively strong bearish momentum. From an opening price of $0.3023 XRP ascended to highs of $0.3023 before adjusting to the current market value of $0.2976 after correcting lower 1.45%.
Interestingly, Ripple price is trading above he Simple Moving Averages (SMA). The 50 SMA on the 720-minutes chart and the 1000 SMA have been functioning as support areas since Ripple October 7 when XRP extended the gains from the September lows under $0.20.
The Relative Strength Index (RSI) is in retreat showing that the bears are fighting for revenge. Besides, the failed attempt to break past the symmetrical triangle resistance gave the sellers a gap to explore. Glancing lower short-term support exists at $0.28, the SMAs, $0.24 and $0.22.
XRP/USD 720-minutes chart