Ripple Price Analysis: XRP/USD stuck in a range under $2.0, is a breakout in the offing?
|- Ripple price recovery from weekend low at $0.1750 loses steam as buyers battle 200 SMA resistance.
- Ripple holders will now be able to delete their wallets from XRP Ledger after a community vote.
Ripple price was victim to the selloff across the market on Sunday. Like deadweight, XRP spiraled below last week’s key support range between $0.2050 and $0.2100. The lower leg was extended under $2.0 where a new weekly low was formed at $0.1750 (now key support area). A reversal ensued with XRP making a comeback towards $0.20.
At the time of writing, Ripple price is flirting with $0.1988 after hitting a snag at the 200 SMA ($0.20). On the downside, $0.19 is standing out as short term support. The RSI in the 4-hour range shows that buying pressure is growing following a recovery from levels slightly under 30 to 36.
It is also apparent that selling influence has not been ousted which explains the delay in breaking the resistance at $0.20. The MACD features a bearish divergence that seems to encourage sellers to stay put. The indicator is also buried within the negative territory.
Glancing upwards, Ripple could gain momentum after overcoming the seller congestion at $0.20. Farther up, buyers must prepare to deal with the resistance at $0.21 as well as the 50 SMA currently at $0.2151.
XRP/USD 4-hour chart
Ripple users can now delete wallets from XRP Ledger
Following a vote in the community, holders of XRP now have the ability to delete their wallets from the XRP Ledger whenever they wish. The change was voted in by a majority in the community, calling for an update. A tweet by XRP Center Manager, Arturo Portilla on May 8 said:
After maintaining an 80% consensus during the mandatory 15-day voting period, the XRPL Deletable Accounts Amendment became enabled on May 8, 2020 at 4:29:30 UTC, through the ledger 55,313,921.
Only the owner of an account can delete it, though, since you have to send a transaction from the account to be deleted.
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