Ripple price analysis: How long is the consolidation between $0.29 and $0.31 last?
|- Ripple stays in the red after sliding below the pivotal $0.30 level.
- The consolidation phase is necessary for the bulls to forge the next assault mission on $0.31.
Ripple price is in the middle of a consolidation phase. The price is seen ranging between $0.31 (resistance) and $0.29 (support). The key $0.30 is currently the pivotal level.
The correction from the recent high at $0.3150 found support at the 50 Simple Moving Average (SMA) on the two-hour chart. Also offering immediate support is the 61.8% Fib retracement level taken between the last swing high of $0.3150 to a swing low of $0.25.
At the time of writing, XRP is valued at $0.2951 and is trading within the SMAs' support and resistance. Glancing up, the 50 SMA is standing in the way of movement. At the same time, the 100 SMA is offering support at $0.2918. The Relative Strength Index (RSI) shows that the momentum will remain sideways in the short run.
XRP/USD 120’ chart
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