Ripple Price Analysis: XRP/USD flirting with the 38.2% Fibonacci amid consolidation
|- Ripple price remains stable at the 38.2% Fibo after failing to defend support at $0.20.
- XRP/USD could fall victim to increased selling activities if the RSI keeps on retreating towards the average.
Ripple price has kicked off the session on Thursday with losses amounting to 1.07%. The majority of the digital assets in the market are grappling with increased selling pressure. Bitcoin price is down 0.57% to trade at $7,326 while Ethereum has lost 1.1% of its value to trade at $171.
XRP/USD stepped above o$0.20 level for the second time in the same week on Wednesday. However, the upside remained limited under $0.21. At the time of writing, Ripple is exchanging hands at $0.1998 while flirting with the 38.2% Fibonacci retracement level taken between the last swing high of $0.3464 to a swing low of $0.1090.
Initial resistance is being tackled at $0.20 ahead of Wednesday’s hurdle at $0.21. Further up, the 50% Fibo slightly above $0.2250 will hinder movement. On the downside, XRP/USD is still trading above the moving averages in the 4-hour range. In the event of continued losses, the ascending trendline will try to cushion the asset against the drop. Other support areas are expected at the 50 SMA ($0.1865) and the 100 SMA (0.1750), $0.1500 and $0.1250.
Meanwhile, the path of least resistance is downwards owing to the retreating RSI. The bearish momentum is emphasized by the MACD’s motion towards the mean line. A bearish divergence also suggests that sellers are gaining traction.
XRP/USD 4-hour chart
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