Ripple price analysis: How far can this lethargic range-bound trading go?
|- Ripple price is forced to trade in a narrow range between $0.2700 and $0.2750.
- The sideways action has the potential to last through all the sessions on Thursday if technical levels remain the same.
Ripple is stuck in a very narrow range between $0.27 and $0.28. The Asian trading session has seen very minor action actions on either side. From an opening price of $0.2721, XRP has only managed to rise to $0.2730 (intraday high). A low of $0.2718 has been touched on the day but XRP is dancing with $0.2727 at the time of writing.
XRP is also locked between the Simple Moving Average support and resistance. Where the 50 SMA on the 1-hour chart is offering immediate support while the 100 SMA caps movement at $0.2750.
The sluggish movement witnessed with the Relative Strength Index suggests that the current sideways trend will continue dominating XRP’s activities. Similarly, the Moving Average Convergence Divergences puts emphasis on the same ranging trend by holding tight on to the mean line. Apart from the 50 SMA, other support areas include $0.27, $0.2650 and $0.25.
XRP/USD 1-hour chart
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