Ripple Price Analysis: XRP/USD breakout above $0.20 short-lived, will $0.19 support hold?
|- Ripple price spiked above $0.20 on Tuesday only to form a weekly high at $0.2051.
- XRP/USD bulls must defend $0.19 support in order to remain focused on higher levels beyond $0.20.
Ripple price climbed above the key $0.20 hurdle for the first time since the crash on March 12 on Tuesday. However, the surge was met by overwhelming selling activity, culminating in a slide into the $0.19 range. XRP/USD is currently teetering at $0.1939 after advancing higher 0.54% on the day. Buyers are working hard to ensure that the progress made this week is not lost. Besides, establishing support above the $0.20 milestone would go a long way in encouraging positive sentiments towards XRP.
Looking at the daily chart XRP bulls need to brace themselves to face the increased selling activity at the confluence made by the 38.2% Fibonacci level taken between the last swing high at $0.3464 to a swing low at $0.108 and the 200-day SMA.
Meanwhile, technical indicators show the trend relatively in the hands of the buyers. For instance, MACD is almost crossing into the positive region. Besides, the indicator features a bullish divergence from the MACD. The RSI, on the other hand, has settled above the average. The horizontal movement clearly shows that a sideways trend is likely to take over. This consolidation could act as a stepping stone for gains above $0.20.
Support one: $0.19
Support two: $0.18
Support three: $0.16
Resistance one: $0.20
Resistance two: $0.22
Resistance three: $0.24
XRP/USD daily chart
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