Ripple Price Analysis: XRP/USD continues to dance between stacks of resistance and support areas

0
  • Ripple stalls short of $0.30; a move that left the gap being explored by the sellers.
  • Ripple must defend the position above the 200-day SMA in order to sustain the uptrend.

Ripple price keeps falling following the retracement from the recent high formed at $0.2901. It was not the bulls’ intention to stall short of $0.30, however, increased selling activity has made it difficult to sustain an uptrend. XRP is dancing at $0.2783 after the support at $0.28 failed to hold.

The support at $0.2650 has already been tested once and given way to a shallow correction. The big question is whether the price will continue to stay above the 200-day SMA. The break above the moving average has been instrumental to the price growth experienced this week.

According to other technical indicators such as the MACD, XRP is still in the hands of the bulls. The MACD +0.01171 features a bullish divergence despite the correction on the day. In other words, the potential to advance towards $0.30 is still intact. Similarly, the narrowing gap between the 50-day SMA and the 200-da SMA suggests that Ripple bulls are gaining traction and are likely to stick in the driver’s seat.

XRP/USD daily chart

 

Get the 5 most predictable currency pairs

About Author