Ripple Technical Analysis: XRP/USD technical picture embracing consolidation above $0.19
|- Ripple price reversed the trend upwards from the dip to $0.1850, riding on freshly created demand.
- XRP/USD is bound to trade sideways above $0.1950 according to both the RSI and the MACD.
Ripple price renewed the bullish momentum after plunging below $0.20. The dip went as far as $0.1850 but buyers swung in to buy low, pulling XRP above $0.19. Initially, the goal was to quickly rise on the fresh found demand and increased volatility to reclaim the position above $0.20. However, the bullish momentum lost momentum shy of $0.1950 on Friday. Since then, gains towards $0.20 have been limited.
XRP/USD currently trades at $0.1924 and facing growing selling pressure at the 50 SMA in the 1-hour range. Further up, the 100 SMA could make the push for recovery difficult at $0.1976. For now, Ripple’s immediate downside is held in position by ascending trendline support. Holding above this line is vital in ensuring that declines do not continue in the near term.
Meanwhile, looking at the technical picture, Ripple is poised to embrace a sideways trading action. For instance, the RSI has slowed down the recovery from the minor dip and moving horizontally at 48. Recovery above the average (50) could encourage more buyers to join the market in a bid to close the weekend session above $0.20. On the other hand, the RSI confirms that sideways trading is here to stay. Therefore, we can expect consolidation to be the dominating factor in the short term.
XRP/USD 1-hour chart
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