- Ripple renews the uptrend after testing the support at $ 0.26.
- The path of least resistance is upwards as highlighted by the RSI and MACD.
Ripple has entered an uptrend after dipping further below $ 0.30 to test support at $ 0.26. The third-largest cryptocurrency by market cap was repeatedly purged of highs above $ 0.30 in August. A monthly high traded at $ 0.32 marked the end of the bullish action towards $ 0.40 and paved the way for losses below $ 0.30.
After the support at $ 0.26, XRP started an intriguing rally towards $ 0.30. The initial breakout above the descending trendline pushed the price up further. XRP / USD hit highs above $ 0.28 before stalling just ahead of the 100 SMA in the 4-hour range. Looking upwards, further hurdles are envisioned at $ 0.29 and of course, psychological resistance at $ 0.30.
For now, the trend remains in the hands of the bulls supported by most technical levels. The RSI is almost above 70, building on the steady recovery from oversold levels recorded on Thursday. Ripple’s bullish scenario is also highlighted by the MACD as it extends the action above the midline. A break above $ 0.29 and $ 0.30 would most likely propel XRP above the critical level of $ 0.3250.
On the other hand, initial support is expected at $ 0.28 if the prevailing price levels are reversed. The 50 SMA will also come in handy at $ 0.2781. Other lower support areas include $ 0.27 and $ 0.26.