Ripple Price Analysis: XRP/USD dancing between the 50 SMA and the 100 SMA, $0.21 level is unbreakable

  • Ripple recovery momentum from May lows at $0.1750 loses its mojo short of $0.21.
  • The 50 SMA is a key support to XRP/USD amid the ongoing retreat; must be defended at all costs.

Ripple price is dealing with increased selling pressure just like other major cryptocurrencies in the market. The third-largest digital asset is trading 1.55% lower on the day. After opening the session at $0.2053 the price adjusted lower to $0.2008 (intraday low). At the moment XRP is doddering at $0.2020. The prevailing picture is bearish amid high volatility. In other words, the bears carry more weight than the bulls.

XRP/USD advanced upwards following the weekend support at $0.20. Unfortunately several hurdles stood in the way of the price action including a descending trendline, the 100 SMA in the 4-hour range and the currently impenetrable $0.21. For this reason, sellers continue to gain momentum against the bulls.

On the downside, XRP/USD immediate support is the 50 SMA. The moving average is aided by the buyer congestion at $0.20. It is essential that buyers defend this support as if their lives depend on it because if broken, Ripple could nosedive to test last week’s support at $0.19 or dive lower to May low at $0.1750.

From a technical perspective, Ripple is in the hands of the bears. The RSI is diving from levels near to the overbought. If this motion remains unchanged, expect more declines to come into play in the near term. However, the horizontally moving MACD (slightly above the mean line) hints that it is not over for the bulls and a sideways price action is a welcomed picture ahead a planned breakout.

XRP/USD 4-hour chart

 

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