Ripple Price: A Break Above the Recent Consolidation Looks Possible

Ripple price
Ripple price

Ripple price continues for the fourth consecutive trading session in an attempt o break a higher from the recent consolidation phase. Ripple started a quiet upside trend since it broke above the 50-day moving average, enhancing the short term positive momentum. Today XRPUSD trades at the upper range of the recent consolidation phase.

During the Coronavirus crisis, there has been a sharp rise in cashless payments, as more and more people are using mobile payments to avoid banknotes. People’s Bank of China (PBOC) has been researching the centralized digital currency for more than five years. The bank is planning to issue the digital currency by the end of the year. China rolled out the digital currency in four cities, setting it up to become the world’s first cashless society. The central digital currency might dethrone USD from the global financial system and will allow Chinna to be the leader in the digital economy.

Meanwhile, the State of Kentucky has finalized a legislative bill to create a working group to evaluate the feasibility of the blockchain technology to enhance the security and increase protections for the state’s critical infrastructure, such as the electric utility grid, natural gas pipelines, drinking water supply and delivery, telecommunications, wastewater, and emergency services. The report will include the current priority list and a discussion of whether blockchain could be deployed, and any associated cost-benefit analysis.

Download our Q2 Market Global Market Outlook

Ripple Price Technical Analysis

 Ripple price is 0.38% higher at $0.1975, making fresh two week highs as it is attempting to initiate a new leg higher after the initial rebound from March lows. The technical outlook for Ripple is positive for the short term as it trades above the 50-day moving average. The longer-term picture is bearish, as the Ripple price trades below the 100 and 200-day moving averages. Sellers might initiate a short position if the Ripple price breaks below the 0.1781 the 50-day moving average.  

 On the upside, first resistance for XRPUSD will be met at $0.2000 the daily high; If Ripple remains strongly bid above $0.2000, the next hurdle will be met at $0.2054 the high from April 7 trading session. A break above $0.2054 might open the way for a bigger rally. Next supply zone to watch is at $0.2174 the 100-day moving average. 

 On the other side, first support for Ripple price stands at $0.1955 today’s low. The next support will be met at $0.1850 the low from April 23. In case of a move below the $0.1850 support level, the Ripple price could correct further towards the $0.1781 level in the near term the 50-day moving average. 

Don’t miss a beat! Follow us on Telegram and Twitter.

More content