- Summary:
- Ripple price continues the consolidation between 0.1800 and 0.1960 since April 11. Ripple price has breached below the upward trend line that formed from
Ripple price continues the consolidation between 0.1800 and 0.1960 since April 11. Ripple price has breached below the upward trend line that formed from the recent lows but holds above the 50-day moving average keeping the short term positive momentum. Most of the cryptocurrencies rebound stalled at the 50-day moving average.
Meanwhile Bitcoin, the number one cryptocurrency holds above the 7,000 psychological mark keeping the upside momentum intact. The cryptocurrencies market managed to rebound from the March lows amid the coronavirus panic selling. Ripple gains surpassed 70% since the March lows at 0.1150.
The Bitcoin price is 0.96% lower today at $7,071. Ethereum is 1.51% lower at 180.40. Litecoin is 1.43% lower at $41.28. The Ripple market capitalization is at 8.25 billion, the trading volume has reached 1.87 billion in the last 24 hours.
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Ripple Price Technical Levels to Watch
Ripple price is 0.74% lower at $0.1868, as the volatility drops to the lower level in 2020 as traders looking for the next catalyst that will drive the price. The technical picture for XRPUSD is neutral to bearish, as the crypto pair trades above the 50-day moving average but below the 100 and 200-day moving averages. Bears might enter a short position if the price breaks below the 0.1809.
On the downside, first support for XRPUSD stands at $0.1855 today’s low. The next support area will be met at $0.1733 the low from April 16. In case of a move below the $0.1733 support level, the XRPUSD price could correct further towards the $0.1676 level in the near term the low from April 1st trading session.
On the other side, first resistance for Ripple will be met at $0.1912 the daily high; If XRPUSD remains actively bid above $0.1912, the next hurdle will be met at $0.1954 the high from April 20 trading session. A break above $0.1954 might open the way for a bigger rally. Next resistance to watch is at $0.2026 the high from April 9.