Ripple Price Positioning For Breakout As Volatility Drops
Ripple price is trapped between the 50 and 100-day moving averages for the eleventh trading session. This is the longest period that the XRPUSD trades in such a narrow trading range. The move today stalled for one more time below the 100-day moving average. Traders should be patient and ready to follow the breakout in either way as I expect that a bog move will follow after the break.
Ripple capitalization stands now at $9.02 while the trading volume in the last 24 hours has reached 1.90 billion.
Bitcoin (BTCUSD) is 0.22% higher at 9,766 preparing for another attempt to break above the 10,000 mark, which will form a bullish sign for the cryptocurrencies market. Ethereum (ETHUSD) is 0.55% lower at 213.43, while the Litecoin (LTCUSD) is 0.57% lower at 45.50.
Ripple price is 0.11% lower at $0.2046 as the consolidation phase continues between the two main daily moving averages. The short term momentum is positive above the 50-day moving average while the long term technical outlook remains bearish below the 100-day moving.
On the downside, first support for XRPUSD stands at $0.2026 the daily low. The next strong support will be met at $0.1984 the 50-day moving average. If the Ripple breaks below $0.1984 support level, XRPUSD price could correct further towards the $0.1847 the low from May 11, the day of the bitcoin halving event.
On the other hand, immediate resistance for Ripple price will be met at $0.2061 the daily high; If XRPUSD remains bid above $0.2061, the next hurdle will be met at $0.2086 the 100-day moving average. A break above 0.2086 might open the way for a bigger move higher. Next resistance area to watch is at $0.2201, the critical 200-day moving average.