Ripple price analysis: XRP/USD back above $ 0.30, a dead cat bounce?

  • Ripple corrects from three-week lows, in sync with major Cryptocurrencies.
  • 0.3090/95 is the level to beat for the XRP bulls.

Ripple (XRP/USD) consolidates the overnight bounce from three-week lows of 0.2897 so far this Saturday, as the weekend love for the cryptocurrencies appears to have returned. The third-most traded cryptocurrency pauses its four straight days of losses and regains the 0.30 handle, but the bulls appear to take a breather before the next push higher. Despite the latest declines, the coin trades with a market capitalization of about $ 12.93 billion, down nearly 1.80% over the last 24 hours.

From a technical perspective, a bullish pennant formation is spotted on the hourly sticks, pointing towards a continuation of the latest recovery in XRP/USD. The price is seen testing the 1.3028 level, the confluence of the descending trend line resistance and downward sloping 50-Hour Simple Moving Average (HMA). A sustained break above the last would validate the bullish pennant pattern, opening doors for a test of the next resistance aligned at 1.3082, the downward sloping 100-HMA. On the upside, only an hourly close above the horizontal resistance placed around 0.3090/95 levels will negate the dead cat bounce sentiment. The bulls will likely take back complete control above the last, calling for a sustained recovery from multi-week lows.

On the flip side, strong support is located at the key 0.3000 level, where the ascending trendline appears. A breach of the round number will see the sellers scrambling for the next support aligned at the horizontal 21-HMA at 1.2975. Selling pressure is likely to intensify if the buyers fail to defend the last, with downside opening towards the three-week troughs near the 1.29 handle.

It’s worth noting that the hourly Relative Strength Index (RSI) is highly overbought, suggesting that the pull of gravity is likely to be stronger in the session ahead.

XRP/USD 1-hour chart

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