RATE Group | XRP/USD back above $ 0.30, a dead cat bounce?
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XRP/USD back above $ 0.30, a dead cat bounce?

10 Aug XRP/USD back above $ 0.30, a dead cat bounce?

Posted at 11:05h in Cryptocurrency News by

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  • 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.

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 0.3028 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…

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