- Ripple price commences consolidation above $0.2100 but the upside is limited under 23.6% Fibo and $0.2200 respectively.
- Stability and calm are expected on the market with XRP/USD bulls taking a breather to gather strength to attack seller congestion zones.
The daily chart for XRP/USD shows the price trading above $0.2100 following a recovery from the recent dip to $0.1982. Unfortunately, the immediate upside is capped by the 23.6% Fibonacci retracement level of the last drop from $0.3470 to a low around $0.1751. The selling pressure at this level has intimidated the buyers who still have eyes on the hurdle at $0.2200.
XRP/USD is also trading under the moving averages. The 50-day SMA has maintained position above the 200-day SMA, which could be interpreted as a bullish gesture despite the dumping experienced from the 2020 highs at $0.3470. The moving averages are currently in the line of action and would limit XRP/USD recovery in the coming days; with the 50 SMA currently at $0.2566 and the 200 SMA at $0.2508.
XRP/USD daily chart
The market has calmed following the bearish wave experienced on Sunday and Monday. The RSI has recovered from the overbought region and holds the ground at 39. Further correction towards 50 (the average) is lagging amid the consolidation of the price above $0.2100.
Ripple price confluence support and resistance levels
Resistance one: $0.2138 – Highlighted by the previous high 15-minutes, the Fibo 23.6% one-day and the Bollinger Band 15-mins upper curve.
Resistance two: $0.2182 – Where the BB 1-hour upper curve, the pivot point one-week support two and the pivot point one-day resistance one meet.
Resistance three (major): $0.2249 – Highlighted by the previous week low and the previous month low.
Support one: $0.2094 – Where the SMA 200 15-mins, SMA 50 1-hour and the pivot point one-week support three converge.
Support two: $0.2027 – Pivot point one-day support two.
Support three: $0.1872 – Pivot point one-month support one.