Ripple Price Analysis: XRP/USD flirting with the 38.2% Fibonacci amid consolidation

Ripple price has kicked off the session on Thursday with losses amounting to 1.07%. The majority of the digital assets in the market are grappling with increased selling pressure. Bitcoin price is down 0.57% to trade at $7,326 while Ethereum has lost 1.1% of its value to trade at $171.

XRP/USD stepped above o$0.20 level for the second time in the same week on Wednesday. However, the upside remained limited under $0.21. At the time of writing, Ripple is exchanging hands at $0.1998 while flirting with the 38.2% Fibonacci retracement level taken between the last swing high of $0.3464 to a swing low of $0.1090.

Initial resistance is being tackled at $0.20 ahead of Wednesday’s hurdle at $0.21. Further up, the 50% Fibo slightly above $0.2250 will hinder movement. On the downside, XRP/USD is still trading above the moving averages in the 4-hour range. In the event of continued losses, the ascending trendline will try to cushion the asset against the drop. Other support areas are expected at the 50 SMA ($0.1865) and the 100 SMA (0.1750), $0.1500 and $0.1250.

Meanwhile, the path of least resistance is downwards owing to the retreating RSI. The bearish momentum is emphasized by the MACD’s motion towards the mean line. A bearish divergence also suggests that sellers are gaining traction.

XRP/USD 4-hour chart