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.
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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.
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