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Ripple Price Analysis: XRP/USD consolidates above the 50 SMA ahead of rally to $0.20

  • Ripple price retests $0.1750 resistance but loses momentum leaving $0.18 untested.
  • XRP/USD is in the hands of the bulls but they lack energy to sustains gains towards $0.18.

Ripple price is stable above $0.17 amid a cryptocurrency market that is beginning to turn bearish on Wednesday. Significant progress has been made this week from levels around $0.16. XRP/USD has eyes on $0.20 but buyers have to deal with the resistance at $0.1750 and $0.18 respectively.

Meanwhile, Ripple price is dancing at $0.01731. It has corrected lower from the opening value at $0.1738. Attempts to advance higher hit a wall at $0.1746. XRP/USD is nurturing a developing bullish trend while the volatility is shrinking according to the cryptocurrencies live rates table.

XRP-powered XUMM wallet launched

An XRP-backed wallet and payments platform XUMM has been released for both App Store and Google Play. The platform is in the public beta stage. It enables users to hold a number of digital assets and even sell them on XRP’s Ledger decentralized exchange. According to XRPL Labs CEO, Wietse Wind the platform will give users an opportunity to save and spend fiat currencies such as euro and dollar as well as XRP and other digital assets without the need to involve banking institutions.

Ripple price technical picture

Ripple price is battling the resistance at the 50% Fibonacci level of the last swing high from $0.2465 to a low at $0.11076 close to $0.18. A break above this zone could mostly likely guarantee a boost towards $0.20.

The RSI seems to be changing direction upwards, signaling a possible bullish comeback. The MACD is also trying to hold above the mean line. It is clear that technical levels are slightly positive but the bulls lack the energy or catalyst to sustain gains towards $0.18. The downside is supported by the 50 SMA in the 1-hour range, the ascending trendline, the 200 SMA, $0.16 and $0.14.

XRP/USD 1-hour chart
XRP/USD price chart

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