Ripple price retreat today failing to make a credible move above the 50-day moving average. Ripple is 72% higher since the March 13 lows and looks like the rebound has stalled for now at the critical 50-day moving average. The healthy uptrend move that started since March 13 is intact as the risk-on sentiment has returned to markets.
Bitcoin price is 0.61% lower today at $7,320. Ethereum (ETHUSD) is 0.84% lower at 171.75. Litecoin (LTCUSD) is 0.69% lower at $46.25. The Ripple – XRPUSD market capitalization is at 8.75 billion with the trading volume reaching 1.80 billion in the last 24 hours. The top cryptocurrencies market cap has reached 209.24 billion.
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Ripple Price Technical Outlook
Ripple price is 1.39% lower at $0.1995, correcting from the recent highs at 0.2060. The technical outlook is bearish for the long term while the short term outlook has also deteriorated after the rejection at the 50-day moving average. To start a credible rally, the price must gain bullish momentum above 0.2060.
On the downside, first support for XRPUSD stands at $0.1968 today’s low. The next support for XRPUSD will be met at $0.1910 the low from yesterday’s trading session. In case of a move below the $0.1910 support level, the Ripple price could correct further towards the $0.1791 level in the near term the low from April 6 trading session.
On the upside, first resistance for Ripple will be met at $0.2026 the daily top; If Ripple remains actively bid above, the next obstacle will be encountered at $0.2060 the high from April 7. A credible break above $0.2060 would likely to open the way for a bigger rally. Next resistance to watch is at $0.2217 the 100-day moving average.