Ripple market overview: XRP/USD rejected at $0.4100 as the market enters into another lull
|- Ripple enters into a higher consolidation pattern between $0.3900 and $0.4100.
- Path of least resistance is sideways as technical signals stay slightly positive.
XRP/USD is back in the red after a day in the green considering the intraday charts. However, the 24-hour data by CoinMarketCap shows Ripple trending higher 1.26% from the same time yesterday. The $17 billion digital has a 24-hour trading volume of $1.2 billion in the same 24-hours. Ripple has a total supply of 42,501,950,12 XRP compared to its maximum supply of 99,991,601,899 XRP.
Meanwhile, the XRP is trading at $0.40028 with the upside capped at $0.4100. Short-term support at $0.4000 is vital for further correction north. A formed bullish flag pattern is approaching a breakout. If the pattern support is broken, the next stop is at $0.3900. Other key support areas to lookout for are $0.3800, $0.3700 (weekend support) and $0.3500 primary support.
The sideways trading is likely to last longer according to technical analysis. The 50 SMA crossing above the 100 SMA means that XRP has the strength to stay above $0.3900 and $0.4100 in the short-term. The RSI is moving horizontally at 53 as an indication of the ranging price within the limits; $0.3900 and $0.4100.
XRP/USD 1-hour chart
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