Ripple price analysis: XRP/USD hovers between SMA support and resistance
|- Ripple price recovery stalls under $0.2850 amid the push for consolidation.
- XRP’s immediate downside is protected by the 50 SMA above $0.27 major support.
Ripple is pushing the weekend consolidation a notch higher on Monday. This follows Friday’s gravitational movement that touched $0.27 support. A shallow recovery took place over the weekend session but it was dominated by a sideways consolidative action. Besides, the upside was greatly capped at $0.2850.
Consequently, the price is teetering between the 50 Simple Moving Average support and the 100 SMA on the one-hour chart. Also limiting movement north is the trendline resistance.
The Relative Strength Index has recovered from the oversold conditions experienced on Friday. However, it has not been able to come into contact with levels above 70. The prevailing trend is mostly sideways with an inclination to the upside. The same sideways trend that emphasizes indecision on the market is observed with the Moving Average Convergence Divergence.
XRP/USD 1-hour chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.