Ripple Price Forecast: XRP/USD facing another drab session as consolidation prevails
|- Ripple slows down recovery after hitting a wall at $0.1950; consolidation is taking over.
- XRP/USD bulls continue to focus on defending support at $0.19 to avert possible losses to $0.1850.
Ripple price is directionless once again after failing to sustain gains above $0.1950 on Wednesday. The hope for recovery back to levels above $0.20 is currently a pipe dream. XRP/USD is currently seeking support above $0.1920 following the rejection. The price is dancing oat $0.19207 in the wake of a 0.56% loss on the day.
The other major cryptocurrencies such as Bitcoin and Ethereum are also dealing with their share of selling pressure. Bitcoin is down 0.23% to trade at $9,434 while Ether is down 0.17% and trading at $233.
Ripple technical picture
XRP/USD is seen dancing below both the 50 SMA and 100 SMA in the 4-hour range. The 50 SMA at $0.1935 is pressing down on the bulls. Heading closer to $0.20 the 100 SMA at $0.1986 forms a resistance confluence with the 38.2% Fibonacci level taken between the last swing high of $0.2367 to a swing low of $0.1754.
The RSI is highlighting a possible consolidation period currently confirmed by the MACD in the same 4-hour range. As long as the buyers hold XRP above $0.19, they will eventually get their chance to battle for $0.20. Meanwhile, focusing on defending support at $0.19 (23.6% Fibonacci level) is key to the recovery in the near term.
Related content: Cryptocurrency Market News: $10,000 a pipe dream for Bitcoin, Ethereum and Ripple settle for consolidation
XRP/USD 4-hour chart
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