Ripple Price Analysis: XRP/USD eyes $0.20 amid broad-based crypto recovery
|- Ripple follows in Bitcoin’s footsteps; tanks under $0.19 before bouncing back up.
- XRP/USD remains in the hands of the bulls in spite of the drop under $0.20 key support.
Ripple price, for the first time in two weeks broke the support at $0.20. The declines were in tandem with Bitcoin’s rejection from $10,000 to levels close to $9,000. Ethereum also dived from highs close to $250 to test the support at $230. The volatility on Thursday came after a period of consolidation that took more than two weeks, especially for Ripple.
XRP/USD sunk below the expected support at $0.1950 and $0.1900. A weekly low was reached at $0.1846, stopping further losses. Consequently, an immediate recovery ensued sending Ripple above $0.1900. XRP/USD is trading at $0.1923 at the time of writing and dealing with the resistance at the 100-day SMA. A glance further into the north predicts that gains above $0.20 are likely to come easy in the short term; possible before the weekend session.
However, buyers have to brace themselves to tackle the resistance at the descending trendline, the 50-day SMA and $0.21. The technical picture is improving according to the RSI and the MACD. The latter has bounced off the oversold at 30 and continues to move gradually towards the average as a signal for a stronger bullish grip. On the other hand, the MACD shows that buying pressure is present, especially with the stability at the mean line.
XRP/USD daily chart
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