The XRP/USD bearish momentum keeps on building the bearish momentum on the support areas despite the oversold conditions. In today’s Ripple XRP news we take a closer look at the analysis.
According to the RSI and the Elliot Wave Oscillator, recovery is coming on the way. The crypto market seems very bearish as of Thursday and the high volatility coupled with the worsening technical picture as a key indicator showing that the downside exploration is far from over. However, the slump that saw XRP getting rid of the gains that it made over the week, took a break at the $0.25 position.
The recovery motion that followed was almost a reflex to the oversold market. It also failed to make headway above the $0.27 range so the XRP/USD pair is teetering at $0.2695 after losing more than 1 percent of its value on the day. The momentum to the south is extremely bearish especially with the Relative Strength Index (RSI) diving much deeper into the oversold zone. As the RSI is nearing the oversold conditions, a massive bounce back in the ripple price will likely wait around the corner. Besides, the Elliot Wave Oscillator is recording an extended bearish session which could culminate in a reversal at the end.
As it was previously reported, Ripple’s XRP performed well by stealing a huge chunk of capital from the Bitcoin market rising up to 5.13 percent against the benchmark cryptocurrency. The XRP to BTC exchange rate established a sessional peak of 3,523 sats. At its lowers in the third quarter, the pair was trading at 2,967 sats and the upside swing in the XRP price closely followed its investment into a mobile wallet provider. The San Francisco-based blockchain company announced that the XSpring platform will pour $750,000 into BRD. This move according to the company will prompt BRD to add support for XRP tokens which will boost the crypto’s adoption.
Right now, long-term traders can buy on a close (UTC time) above the downtrend line and keep the stop loss below the recent low. The target objective, as we can see, is a move to $0.76440 with intermediate resistances at $0.5050 and $0.5650 accordingly.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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