- XRP/USD breaks out in tandem with Bitcoin and Ethereum even as bulls eye $0.20 psychological area.
- XRP/USD could settle for consolidation between $0.1850 support and $0.1900 resistance in the near term.
Ripple is trading higher by the day amid rejuvenated bullish momentum across the board in the cryptocurrency market. All the major digital assets including Bitcoin, Ethereum and Bitcoin Cash are in the green. XRP/USD is trading in tandem the major cryptoassets, gaining over 1.5% from the opening value of $0.1858.
In the meantime, Ripple is doddering at $0.1885. The trend has turned bullish while volatility continues to expand. In other words, these two parameters hint that $0.1900 hurdle could be soon in the rear view.
The immediate upside is limited by the 100-day SMA in addition to a critical descending trendline resistance. Glancing higher, a breakout above $0.1900 and $0.1950 would encounter more resistance at $0.20 (a confluence formed by the 38.2% Fibonacci level and the 50-day SMA).
From a technical perspective, Ripple is not expected to spike rapidly upward in the coming sessions. For instance, the RSI is pointing north but in a gradual manner. Another signal for sideways trading is the MACD, currently horizontal under the midline. For now, consolidation will remain the most actionable price movement. On the downside, support is expected at $0.1850, $0.1750 and $0.1500.