- Ripple’s XRP is trading in a narrow range.
- XRP/USD risks testing levels close to $0.3 as the upside is laced with strong resistance levels.
The crypto market is in slumber. The bulls have taken a back seat, probably to prepare for a battle. The first quarter of 2019 is predicted to be the period when the digital assets will encounter a reversal that will see them embark on a recovery journey. For at least one week now, the market has not experienced acute selling activity. However, the upside has been laced with many hurdles preventing bulls from making considerable movement north.
Ripple’s XRP is trading in a narrow range. The crypto has stayed in this range for almost one week. While declines have been frequent, buying activities are still high. XRP recently defended the support at $0.31. Although there has been a recovery, the upside is still capped at $0.34. Moreover, XRP/USD has not been able to sustain growth above the Simple Moving Averages (SMA). At the moment, XRP is trading at $0.32 while facing resistance at the 50-day SMA and the 100-day SMA.
Marginally above the current price, XRP will encounter resistance at $0.3278. A correction past this level will face more resistance in the coming sessions at $0.3312. The move towards $0.34 will not be a smooth one as the bulls will be required to clear the hurdle at $0.3380. Unfortunately, further upside movement will come head to head with a high concentration of the sellers in the region between $0.3481 - $0.3515.
On the flipside, XRP is XRP fails to maintain growth to the upside and deflates towards the key support at $0.31, it will find support at $0.3074.
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