Ripple price attempts a rebound as the USD dollar is under selling pressure day and tries to reverse the gloomy technical picture formed yesterday after XRPUSD breached below the 50-day moving average. I was wondering in my analysis yesterday, Ripple Price: Can Bears Break the 50-Day SMA? And a couple of hours later the price broke emphatically below that support. The rebound today stalled at 0.2659 the 50-day moving average which now acts as resistance. As of writing the number four cryptocurrency by market capitalization, is trading in the middle of today’s trading range as traders await the NFP report in about an hour from now.
How XRPUSD Will React to the NFP Report
In the forex calendar today, the NFP report will attract investors attention. Analysts expect an increase of 1.4 million jobs in August compared to 1.700 million in July. The U.S. unemployment rate estimated to drop below the 10% mark at 9.8% from 10.2% in July.
A better than expected NFP figure would help USD to extend recent gains and might push all dollar-denominated assets and Ripple to lower levels. However a disappointing NFP figure might not be supportive to Ripple as fears for a slower than expected economic recovery in the USA might shift investors attention to safe-haven assets, and away from risky assets such as XRPUSD.
Ripple Daily Technical Analysis
Ripple price rebounds today as bears stop for a breath below the 50-day moving average. Today’s move is just a reaction to the two day’s sell-off and for now, fails to invalidate the recent short term bearish outlook.
Resistance for XRPUSD is the 50-day moving average and the daily high at 0.2659. A break above would test 0.2769 the top from yesterday’s trading session. Next hurdle stands at 0.3040 the high from September 2.
On the other side, strong support is at 0.24 area where the cryptocurrency managed to bounce yesterday and today. The 100-day moving average at 0.2293 would provide more support, while a break below might challenge the 200-day moving average at 0.2151.
Ripple Price Daily Chart