- Ripple bulls hold dearly to the support at $0.24 as they nurture the gains back to $0.25.
- XRP/USD remains mainly in the hands of the bulls in spite of the retreat from the key hurdle at $0.25.
Ripple price has for the first time since February 2020 tested the critical level at $0.25. The crypto exchanged hands at this level amid a retreat from the yearly highs traded at $0.3463 on February 15. Going into March, losses intensified due to the COVID-19 breakout. XRP/USD traded at yearly lows of $0.11 before embarking on a difficult recovery mission.
While Ripple has posted tremendous progress in the last few weeks, it still has a lot to achieve before hitting the yearly high of $0.3463. At the time of writing, the crypto asset is trading at $0.2419 after a minor retreat from the new July high at $0.25.
The chart (XRP/USD) in the 4-hour range clearly shows extended losses having been averted following a bounce off support at $0.24. A growing candle could soon engulf the previous bearish one. In other words, XRP/USD could easily build the momentum back to $0.25.
From a technical perspective, rapid gains such as the ones experienced from Tuesday are unlikely. The RSI seems to hold slightly below 70; and a return into the overbought region is possible and would give XRP a boost towards $0.25.
On the other hand, the MACD has slowed down the momentum on hitting a wall at 0.00822. As it narrows the bullish divergence, consolidation could take precedence. This would give the buyers ample time to take a breather before staging a formidable attack on $0.25. Also highlighting the bulls’ presence in the market is the fact that the gap between the 50 SMA and the 100 SMA is at the widest in the last seven days. On the flip side, support at $0.24 remains instrumental to the recovery above $0.25.