Ripple Price Analysis: XRP/USD still in the ‘buy zone,’ could retake $0.20 hurdle
|- XRP/USD reclaims support above $0.17 and the 23.6% Fibonacci retracement level.
- Limited movement is expected towards $0.18 in the near term due to the shrinking volatility.
Ripple price has settled above the 23.6% Fibonacci retracement level taken between the last swing high of $0.3464 to a swing low of $0.1000. A remarkable bullish action on Monday saw XRP/USD stagger to levels above $0.1700 amid broad-based cryptocurrency gains.
Meanwhile, Ripple price is teetering 0.74% higher on Wednesday during the Asian session. The price has correctly slightly higher from its opening price at $0.1715 to $0.1726 (market value). An existing bullish trend means that XRP is primed for more action to the upside. However, shrinking volatility levels could limit the gains in the current session.
Technical analysis in the daily range clearly shows the buyers being in control. However, due to the sideways moving RSI, a sideways action is likely to take center stage. The MACD is in the negative region but features a bullish divergence.
Ripple price needs to break above the resistance at $0.18 (a zone that has been tested before) to open the door for gains above $0.20. Movements above $0.20 should brace for hurdles at the 50-day SMA at $0.22 and the 200-day SMA at $0.24. On the other hand, as long as the 50-day SMA stays below the 200-day SMA, a bearish cloud will always hover above XRP/USD.
XRP/USD daily chart
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