12.6 C
Amsterdam
2 October 2022
PumpMoonshot
Image default
News

Ripple Price Analysis: XRP/USD bounces off $0.20 only to run into trendline resistance


  • Ripple price holds above $0.20, averting possible losses to $0.19.
  • XRP/USD is not out of the danger yet according to the downward pointing RSI.

Ripple has started to nurture a consolidative move between $0.20 support and $0.21 resistance. Earlier this week, the price spiked above $0.215 but failed to overcome the resistance at the descending trendline. The widespread declines mid this week saw XRP lose every inch of the ground towards $0.20.  On the brighter side, the buyers’ congestion at $0.20 stopped the bearish action.

Meanwhile, XRP/USD has a prevailing market value of $0.2056. The price is seating above the moving averages whereby the 50 SMA in the 1-hour range is in line to offer support at $0.2026 while the 100 SMA is holding the position marginally above $0.20.

Technically, Ripple is still dominated by selling pressure. The RSI downward action shows that recovery will not come easy, at least not for now. The same bearish trend is emphasized by the MACD. This indicator is holding at the mean line (0.0). Lack of a bullish divergence suggests that the momentum still lean in the direction the sellers desire. If support at $0.20 caves in, there is possibility that the XRP will spiral to first, seek support at $0.19 and $0.18 and second, to create fresh demand from investors.

XRP/USD 4-hour chart

XRP/USD price chart

News Source

Related posts

Following Grayscale’s contribution, Kraken donates $100K to Coin Center

PumpMoonshot

95% of Ripple’s customers are not from the US, CEO Garlinghouse says

PumpMoonshot

SEC to Delay Approval of Bitcoin (BTC) Futures ETF, Claims CFRA

PumpMoonshot