- Ripple price action limited in a narrow range between the initial support at $0.19 and the first resistance at $0.20.
- The technical picture shows stability as the RSI levels horizontally at 30; consolidation likely to set in.
Ripple was at the forefront of the selloff that took place over the weekend. The bearish leg extended to $0.1750 before a shallow reversal came into play. Bulls have in the last 48 hours nursed their wounds above the short term support at $0.19. On the upside, the price movement has been capped at the 200-day SMA ($0.20).
XRP/USD is doddering at $0.1932 amid a sideways trading action. Consolidation between the resistance at $0.20 (seller congestion zone one) and $0.19 (initial support) is supported by the RSI’s horizontal movement at 30. Looking at the MACD, selling activity appears to have the upper hand especially with a bearish divergence still in place. Traders can observe the RSI and the MACD’s actions (mainly in the 4-hour range) to predict the direction XRP would take.
Besides the first resistance at $0.20, more hurdles should be braced for at $0.21 (resistance two and former triangle support). The region is also home to the 50 SMA. Farther up, a descending trendline could limit gains to the next key resistance at $0.22. Based on the prevailing technical picture, XRP/USD path of least resistance is sideways and could remain the same through the current session and the European session.
XRP/USD 4-hour chart
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