- Ripple recovery momentum from May lows at $0.1750 loses its mojo short of $0.21.
- The 50 SMA is a key support to XRP/USD amid the ongoing retreat; must be defended at all costs.
Ripple price is dealing with increased selling pressure just like other major cryptocurrencies in the market. The third-largest digital asset is trading 1.55% lower on the day. After opening the session at $0.2053 the price adjusted lower to $0.2008 (intraday low). At the moment XRP is doddering at $0.2020. The prevailing picture is bearish amid high volatility. In other words, the bears carry more weight than the bulls.
XRP/USD advanced upwards following the weekend support at $0.20. Unfortunately several hurdles stood in the way of the price action including a descending trendline, the 100 SMA in the 4-hour range and the currently impenetrable $0.21. For this reason, sellers continue to gain momentum against the bulls.
On the downside, XRP/USD immediate support is the 50 SMA. The moving average is aided by the buyer congestion at $0.20. It is essential that buyers defend this support as if their lives depend on it because if broken, Ripple could nosedive to test last week’s support at $0.19 or dive lower to May low at $0.1750.
From a technical perspective, Ripple is in the hands of the bears. The RSI is diving from levels near to the overbought. If this motion remains unchanged, expect more declines to come into play in the near term. However, the horizontally moving MACD (slightly above the mean line) hints that it is not over for the bulls and a sideways price action is a welcomed picture ahead a planned breakout.
XRP/USD 4-hour chart
 (23)-637254538994249524.png)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?