Ripple price analysis: XRP/USD contained between both the 100 and 200 DMA, price action narrowing, but breakout is near
|- Ripple price is contained between the 100DMA on top, with the 200DMA sitting just below.
- Near-term indicators are still pointing to some further potential downside, as the MACD is close to a cross-over, seen on the daily time frame.
The Ripple price is seen down some 3% during trading on Tuesday, running at two consecutive sessions in the red for this week so far. Consolidation mode is seen across the crypto market, with many of the major altcoins remaining muted, but another breakout may only be around the corner.
For over 10 days, price action has been narrowing, moving within a tight range from $0.78-0.91, again this isn’t too surprising given XRP/USD has rallied almost 100% in the last three weeks. Consolidation must be expected, when such moves occur in a short space of time.
XRP/USD is capped technically, trapped between the 100DMA sitting just above the price and then the 200DMA, tracking below the price. This is keeping price action relatively soft now. Near-term indicators still point to the downside for now, as the MACD indicates a cross-over is in the potential works, as the MACD is very close to moving below the signal line.
XRP/USD daily 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.