- Ripple price recovery from $0.1750 support struggles to clear the selling pressure at $0.20.
- The prevailing technical picture hints that consolidation could take place before the recovery continues towards $0.30.
Ripple buyers are working tooth and nail to force a reversal following dire drop from levels above $0.22 to lows at $0.1750. XRP bulls are showing strength while choosing to stay in the market in spite of the drop. The price is teetering at $0.19 amid a growing bullish trend. The low volatility in the market hints that movement is not going to be rapid.
XRP Army discuss the future of XRP
Ripple has been stood out as the worst-performing cryptocurrency among the top 30 since the downtrend experienced in 2018. Despite the wanting growth metrics, the cryptoasset enjoys the support of a large community referred to as the XRP Army. Some of them like Alex Cobb say that there is nothing to worry about as XRP was also the last to rally during the 2017 crypto bull-run. According to Stuart, a pseudonymous XRP investor:
XRP has the most potential. XRP has the best team Ripple pushing XRP into the largest trillion dollar+ markets in the world. XRP actually has a real utility being used today. XRP price performance last few years have been absolutely pathetic for some investors. Being Rekt is not fun.
Ripple technical analysis
Ripple price is embracing uninterrupted buying interest following the drop to $0.1750. At the same time, buyers are keen on reposition the price above $0.20. The minor recovery appears to be ignoring the falling RSI. Moreover, the 50-day SMA is providing support at $0.1923.
On the other hand, consolidation is likely to take over as seen by the MACD’s leveling motion above 0.00 (the mean line). On the upside, several resistance zones will have to come out of the way for XRP to properly resume the uptrend to $0.30. Theses resistance zones include $0.20, $0.2250 (200-day SMA) and $0.25.
XRP/USD daily chart
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