ANALYSIS :Ripple price analysis: XRP/USD bullish pressure diminishes as price retreats under $0.4
- XRP/USD ascended to highs around $0.4082 before retracing to the current support at 50 SMA.
- The bulls have the upper hand as the RSI gradually slopes upwards from.
Ripple corrected higher for the second day in a row following the retracement from the highs recorded on Sunday at $0.4113. The drop found support at the 38.2% Fib retracement level taken between the last drop from $0.4113 to a low of $0.3743.
A rebound started immediately on finding support initially zooming above the 100 Simple Moving Average (SMA). The 50 SMA 1-h crossed above the longer term 100 SMA pushed the price higher above $0.4 for the first time this week. XRP/USD ascended to highs around $0.4082 before retracing to the current support provided by both the 50 SMA and the 61.8% Fib level.
Meanwhile, the third largest crypto is trading at $0.3994 as the bulls fight to overcome the bear pressure on the market. Technical analysis shows XRP having an inclination to the bullish side but not without struggle due to the prevailing bear influence. The Relative Strength Index (RSI) retreat from the overbought seems to have found above 40. The gradual slope upwards means that the bulls have the upper hand.
As far as support is concerned, if the 50 SMA and the 61.8% support is cleared, XRP will seek refuge at $0.3900and at the recent lows close to $0.3750.