Ripple price analysis: XRP/USD hovers between SMA support and resistance

  • Ripple price recovery stalls under $0.2850 amid the push for consolidation.
  • XRP’s immediate downside is protected by the 50 SMA above $0.27 major support.

Ripple is pushing the weekend consolidation a notch higher on Monday. This follows Friday’s gravitational movement that touched $0.27 support. A shallow recovery took place over the weekend session but it was dominated by a sideways consolidative action. Besides, the upside was greatly capped at $0.2850.

Consequently, the price is teetering between the 50 Simple Moving Average support and the 100 SMA on the one-hour chart. Also limiting movement north is the trendline resistance.

The Relative Strength Index has recovered from the oversold conditions experienced on Friday. However, it has not been able to come into contact with levels above 70. The prevailing trend is mostly sideways with an inclination to the upside. The same sideways trend that emphasizes indecision on the market is observed with the Moving Average Convergence Divergence.

XRP/USD 1-hour chart

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