- Ripple price holds above $0.20 after suffering rejection at $0.2050.
- XRP/USD is looking towards a consolidation period above $0.20 before staging a breakout past $0.21.
Ripple is giving way to the sellers after hitting a wall at $0.2050. After retesting support at $0.1950 on Monday, the price has over the last couple of days remained consistent in its recovery. The most significant milestone was the cross above $0.20 on Wednesday. Due to low the low trading volume, the breakout could not rise to take down the resistance at $0.21 (July high).
Meanwhile, XRP is hovering marginally above $0.20 amid a gradually building bearish momentum. The declines are likely to continue in the near term, especially with the RSI retreating from levels close to the overbought territory. The sellers’ dominance in the market is emphasized by the 50 SMA dive below the longer-term 100 SMA as observed on the 4-hour chart.
On the other hand, the MACD signals that buying pressure is not entirely ousted. This indicator is holding above the midline while featuring a bullish divergence. As long as the MACD holds above the midline, XRP/USD will likely settle for consolidation in the coming sessions.
Looking at XRP on a wider scope shows that the path of least resistance is downwards in the current session. Support at $0.20 is key to the possibility of sideways trading taking precedence as the week comes to an end. A break above $0.21 will most likely result in a massive spike towards $0.25.
XRP/USD 4-hour chart
Reprinted from fxstreet, the copyright all reserved by the original author.
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