Ripple attacked $0.25 resistance for the second time this week but tanked again.
XRP/USD continues to deal with increased seller dominance as highlighted by the down-trending RSI and MACD.
Ripple has been performing incredibly well this week. For the first time since February, the digital asset traded at $0.25. This was a significant improvement owing to the fact that XRP plummeted to $0.11 in March amid a global market crash. The resistance zone at $0.25 has been tested twice without success.
XRP/USD is holding the ground at $0.2439 after hitting the barrier at $0.25. Its immediate downside is supported by the 50 Simple Moving Average (SMA) in the 1-hour range. The selling activities are increasing momentum and likely to retest the support recently established at $0.24.
The technical picture is mainly bearish as highlighted by both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD). As for the latter, a bearish divergence shows that the path of least resistance is downwards. The RSI is also unrelenting in the downtrend with losses likely to hit levels under the midline (50) in the near term. As it draws nearer to the overbought region, so will the seller grip tighten.
XRP/USD 1-hour chart
For now, the 50 SMA is in the position to keep the selling pressure in check. However, this does not mean that XRP is out of danger. If anything, it is hanging at the edge of a cliff and any sort of wriggling could send it spiraling the next support target at $0.24.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com