Ripple price continues the consolidation above the 100-day moving average trying to stabilize after the recent correction. Ripple rally stopped at 0.32, forming a double top, which signalled the correction. XRPUSD finds support the last five trading sessions above the 0.23 mark. The correction in Ripple started as USD index rebounded from the two-year lows.
The risk-off sentiment also weigh on Ripple as the correction in Wall Street continues with the big tech names meeting extreme selling pressure, Tesla yesterday was 20% lower, while Apple, Facebook and Amazon have lost over 8% in the last trading sessions.
Venezuela Blocks Exchange Platforms
Internet service providers (ISPs) in Venezuela proceed with blocking MercaDolar and Coinbase, in a move that surprised users, though the majority of exchanges are still accessible in the country. Analysts believe that President Maduro is behind the move amid the rising political tensions in the country.
Ripple Technical Analysis
Ripple price trades higher today, adding over 1.5% at 0.2403 as the bulls betting that the 100-day moving average would provide strong support.
Bullish traders need a break above 0.2444 the top from yesterday, to regain the short term positive momentum. The next resistance for XRPUSD stands at 0.2600 the high from September 5. The bullish scenario will be validated again if the price crosses above the 50-day moving average at 0.2703.
On the downside, as I have mentioned above the critical support is at 0.2310 the 100-day moving average. A break below might be the beginning of another leg lower, targeting 0.2141 the 200-day moving average.
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Ripple Price Daily Chart