Ripple price managed to rebound from early losses and hovers around the 50-day moving average. Ripple’s upward momentum from the March lows cancelled after XRPUSD failed to break above the 50-day moving average in early April while the second attempt above during the weekend managed to break above but yesterday’s losses returned the price below the critical 50-day moving average. Ripple sellers are overwhelming buyers around the 50-day moving average.
The recent rally in cryptocurrencies from the lows stalled at around and above the 50-day moving average. The Bitcoin price is 0.11% lower today at $6,833. Ethereum is 0.24% lower at 170.23. Litecoin is 0.32% higher at $40.41. The Ripple market capitalization is at 8.09 billion, with the trading volume reaching 2.19 billion in the last 24 hours.
Ripple price is 0.55% higher at $0.1828, as the consolidation phase continues around the 50-day moving average. The technical outlook for Ripple neutral to bearish as the crypto pair has improved the technical picture after the recent rebound, but the rejection at the 50-day moving average keeps the bears in the driver’s seat. Long positions might be entered if XRPUSD breaks convincingly above 0.1830.
On the upside, first resistance for Ripple will be met at $0.1854 the daily high; If XRPUSD remains strongly bid above $0.1854, the next hurdle will be encountered at $0.1954 the high from yesterday’s session. A break above $0.1954 might open the way for a more significant rally. Next resistance area to watch is at $0.2262 the high from April 6.
On the contrary, first support for Ripple stands at $0.1812 today’s low. The next support zone is seen at $0.1741 the low from April 16. In case of a move below the $0.1741 support level, the ripple price could correct further towards the $0.1630 level in the near term the low from March 30 trading session.