Ripple price looking for direction at the 0.24 mark as the number four cryptocurrency consolidates in a narrow trading range between 0.23 and 0.2450. Ripple price has found support at the 100-day moving average as I have mentioned in my previous Ripple analysis: Ripple Price Attempts A Rebound From The 100-Day SMA. Ripple price hit yesterday the weekly highs at 0.2491, and that is the Bull’s target for today.
The recent correction in Ripple attributed to the rebound in the US dollar index and the shift from investors to safe-haven assets amid the sharp correction in big tech stocks.
ECB Exploring A Euro Digital Currency
On the cryptocurrency institutionalization front, ECB is preparing a report on the benefits of an ECB digital currency (CBDC) to be released in the next month followed by a public consultation. The ECB is exploring a retail CBDC and not for a wholesale digital currency. A digital euro would not be a substitute for cash notes, and ECB will continue to quarantee that all its citizens have access to banknotes.
Ripple price is 0.59% lower at 0.2417 as the recent short rebound stalled yesterday at the 50% Fibonacci retracement. XRPUSD is in consolidation mode between the 50% and 61% Fibonacci retracement the last seven trading sessions.
Bears in order to take control first have to break below 0.2325 the low from September 9 and then need a break below the 61% Fibonacci retracement which also stands at the bottom of the recent XRPUSD trading range at 0.2285.
On the other side, bulls face the hurdle at 0.2492 the weekly high from yesterday’s trading session. A break above for Ripple would open the way for 0.2605 the high from September 5. The next supply zone would be met at 0.2650 the 38% Fibonacci retracement.