Ripple Price Analysis: XRP/USD calm in a narrow range between $0.18 and $0.19
|- Ripple price movement stuck between resistance at $0.19 and support at $0.18.
- Price action above the 50-day SMA could boost Ripple towards the 38.2% Fibo hurdle at $0.20.
Ripple price has settled in consolidation between two important levels; $0.18 and $0.19. Recent support established at $0.1750 put an end to the selling pressure following the rejection at $0.20. The resistance at the 38.2% Fibonacci retracement level taken between the last swing high of $0.3484 to a swing low at $0.1117 continues to be a pain for the bulls because despite their effort gains have not been sustainable beyond this level since the free-fall mid of March.
In the meantime, XRP/USD is trading at $0.1852. Buyers intend to hold the price above the 50-day SMA in readiness for more bullish action following the current consolidation period. The immediate downside is also supported by the ascending trendline.
Technical indicators such as the MACD and the RSI align in support of the sideways action. However, with the MACD above the mean line, it means that bulls have an upper hand. The continuing bearish session with the Elliot Wave Oscillator could soon give way to a bullish session, further pulling XRP/USD towards $0.20.
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.