Cryptocurrencies have eased in today’s session after dropping in the previous one. The trend is observable in Ripple price as well as in other altcoins.
For instance, Dogecoin is seesawing around $0.30 after falling from 0.32 on Wednesday. Similarly, Ethereum price remains within the support zone of $3,000. While the crypto fear & greed index has dropped from Wednesday’s 73 to today’s 70, it remains within the greed end of the spectrum.
Ripple price technical outlook
XRP/USD is consolidating along 1.10 after failing to retest the resistance level at 1.20. The cryptocurrency has been on a decline after hitting its high of 1.34 on Sunday.
At the time of writing, Ripple price was up by 1.31% at 1.12. Over the course of the week, it has dropped by about 16.15%. Since moving past the psychological level of 1.00 on Friday, it has been trading steadily above that support zone. Notably, it had been an evasive level since late-May.
On a two-hour chart, it is trading slightly below the 25 and 50-day exponential moving averages. In the near term, Ripple price will likely trade within a tight range of between 1.10 and along the 50-day EMA at 1.14.
Further selling pressure may push it lower to 1.05 or the psychological level of 1.00. On the flip side, it may rise to 1.20 before pulling back to along the 50-day EMA.