Ripple Price Analysis: XRP/USD starts to consolidate above $0.2150

The entire cryptocurrency market is in the red amid widespread correction from the gains posted on Tuesday. Ripple has not been spared as it records 0.16% losses on the day. Generally, bears have had the upper hand since the week started. The lethargic bullish momentum took over as Ripple failed to break the resistance at $0.2350 during the recovery in April. Moreover, attempts to resume the uptrend have also not been able to sustain gains above $0.22 with $0.25 standing out as a key seller congestion zone.

In the meantime, XRP/USD is dancing at $0.2117 and between the 100 SMA resistance and the 50 SMA support in the 1-hour range. A triangle resistance is also limiting upward movement. However, a triangle breakout is expected to launch an attack on $0.25 and $0.30 resistance zones respectively.

On the downside, initial support is the afore-mentioned 50 SMA. In addition to that, $0.2150 is standing out as a formidable support area. Glancing lower, the range between $0.2050 and $0.2100 (triangle support) is the main support area.

From a technical perspective, the RSI shows that the ongoing sideways trading would continue for a while longer. The indicator is currently horizontal at 51 after a minor recovery from 43. The same sideways trend is emphasized by the MACD’s leveling motion at -0.00028 which also means that selling pressure cannot be ignored.

XRP/USD 60’ chart