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Ripple continues rebound off earlier session lows

27 Jul, 2021

Yesterday Ripple (XRPUSD) made a late US session push that took the price to a fresh high on the day, at $0.6785. That move came just ahead of the wider US market close. However, it was then knocked back sharply as the comments from Amazon sent Bitcoin falling back from above 40k. That drop was felt almost everywhere amongst the other leading coins and Ripple was not excluded from the fallout. The price dropped back into the Asian session, where it extended on the downside to as low as $0.6127. However, since then it has steadied and has gradually worked its way higher again. That is taking it back closer to $0.64 just now. The thing to note about the earlier sell off is that it did not seriously threaten to break below; what is now clear support around $0.60. Had it done so, then the story right now might be somewhat different. The high yesterday did stop short of testing the 50 day moving average. That is still falling in place at 0.6823, and will likely remain a hurdle, even if the current rebound continues to make progress. XRPUSD is just now trading at 0.6360

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