Ripple Price Analysis: XRP/USD facing key resistance at the 50 SMA and the 100 SMA
|- XRP/USD embarks on a gains-trimming exercise following rejection from $0.2350 (April highs).
- Ripple price is looking forward to the support between $0.2050 and $0.2100 where a bullish attack could be launched.
Ripple price has been lethargic in its trading since Friday last week. The weekend session was relatively drab and allowed XRP to stabilize in a narrow range between $0.2150 and $0.2200. Recently, Ripple price recovery shot up to test $0.2350 resistance, however, increasing selling activity marked the end of the bull-run. XRP/USD reversal from the afore-mentioned resistance found support in the range between $0.2050 and $0.2100.
At the time of writing, XRP is trading at $0.2184 following a subtle 0.25% growth from the opening value of $0.2180. According to the cryptocurrencies live rates table, XRP/USD is facing a developing bullish trend amid high volatility. In other words, buyers are ready to battle the bears, especially at the descending trendline resistance.
Slightly, below the prevailing market value, is the resistance provided by the confluence formed by the 50 SMA in the 4-hour range and 100 SMA. Other technical indicators such as the RSI show that XRP is poised for more declines during the Asian and European sessions. Support is expected at $0.2150, the key support range between $0.2050 and $0.2100, $0.9150 (a former support area in the previous month as well as $0.1750.
XRP/USD 1-hour chart
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