Ripple price started higher the European trading session after yesterday’s volatile day. Yesterday XRPUSD hit $0.2495 at two-week highs but a late day profit taking drove the price back to $0.24. Ripple price continues to hover above the 100-day moving average, with bears meeting strong support.
The weak dollar yesterday sparked a mini-rally in the dollar-denominated assets and commodities but failed to send cryptocurrencies higher. The sentiment has improved today in the crypto market, and Bitcoin is 0.39% higher at $10,730, while ethereum is 0.34% higher at $355.14.
Crypto traders focus today is on the Joe Biden – Donald Trump debate, which might move the greenback. As of today, Joe Biden is leading in the polls 35 days ahead of the November elections. On Friday, the Non-Farm payroll data will also be a U.S. dollar moving event with expectations that the U.S. economy created more than 800,000 jobs in September.
Ripple Price Daily Technical Analysis
Ripple continues for the fourth day the consolidation above the 0.24 mark. XRPUSD price is 0.76% higher at 0.2428 as investors looking for direction after the recent correction from $0.32.
Bears are waiting for a break below the 100-day moving average at 0.2402 to enter new short positions. The next target would be 0.2298 the low from September 25, while a move below increases the potential for XRPUSD to stretch to recent lows at 0.2200.
On the other side, resistance for Ripple stands at 0.2495 the high from yesterday. Next hurdle would be met at 0.2557 the top from September 19. Bulls will gain control if the price breaks above the 50-day moving average at 0.2627.
Ripple Price Daily Chart
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