Ripple rebounds from earlier test of 0.50

As suspected Ripple (XRPUSD) did test the 21 day moving average earlier this morning. That was in place at 0.5223. However, that level did not cap the downside move as it accelerated swiftly below there and then dropped rapidly towards the previously noted support level at 0.50. That price point did clearly offer more support and fresh buying ensued just ahead of it too. The low print today was set at 0.5037. The price has now rebounded strongly from there, breaking back above the 21 day moving average (now at 0.5217) to as high as 0.5430 so far. The rebound looks quite dynamic on the charts and could deliver some more upside in the short term. Understandably, a break back below 0.5217 from here on could open another test of that psychologically important level at 0.50. XRPUSD is currently trading at 0.5405