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Ripple (XRPUSD) weekend rebound stalls ahead of 0.2550

14 Sep, 2020

The price of Ripple certainly tested both ends of its most recent range this weekend. The rebound back above 0.25 on Sunday was then followed by another relapse back below 0.24, to as low as 0.2390 later that same day. That upside down move was not unique to Ripple and was consistent across the wider crypto market as defined by a similar move that unfolded in Bitcoin. The high posted on Sunday was set at 0.2535 which fell just short of the 10 day moving average. That is still falling steeply and currently resides at 0.2549. It also almost coincides with another technical resistance level in place around that price point, at 0.2550. So that level is one to watch on the topside now as a sustained break above 0.2550 could deliver some more upside. The price has rebounded again this morning, but not to any place of importance as it currently trades around 0.2440. The clear immediate lines of demarcation are now set at 0.2290 to 0.2550. Meantime, the current chart dynamic is still suggesting the market is in a corrective sideways mode ahead of the 200 day moving average (now at 0.2217) and not yet a dynamic renewal of the former uptrend 

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