Ripple Price Recovers From Morning Flash Crash, Outlook Neutral
Ripple price flash crashed in Asian session down to 0.1703 but managed to rebound above the 0.20 mark quickly. Ripple is in the most extended consolidation phase the last 12 months as it seesaws around the 50-day moving average the previous eleven trading sessions. The long consolidation phase makes Ripple holders nervous, and they are ready to sell or buy the cryptocurrency as soon as it creates a move in either direction.
Ripple price trapped just above the 0.20 mark with low volumes and has lost the third position of the cryptocurrencies capitalization by the stable coin Tether.
Meanwhile, another 100 million XRP ( 20.2 million USD) released from Ripple’s escrow wallet to Ripple.
Ripple capitalization stands now at $8.94 billion while the trading volume in the last 24 hours has reached 1.06 billion well below the daily average volumes.
Bitcoin (BTCUSD) is 1.05% lower at 9,679 struggling below the 10,000 mark. Ethereum is 1.56% lower at 242.97, while the Litecoin (LTCUSD) is 0.80% lower at 46.10.
Ripple price is 0.71% lower at $0.2026 as traders are indecisive about the next big move. The 50-day moving average has provided strong support for the last month but also failed to provide the spark for a move higher. The technical picture is neutral for the number four by market capitalization, and traders are waiting for a step below the 100-day moving average or a break above the 200-day moving average to initiate a new trading position.
On the upside, initial resistance for Ripple will be met at $0.2054 the daily high; If Ripple remains well bid above $0.2054, the next obstacle will be encountered at $0.2073 the high from June 4th. A break above 0.2073 might open the way for a move higher. Next resistance area to watch is at $0.2130 the 200-day moving average.
On the other hand, the first support for Ripple price stands at $0.1977 the low from June 7th. The next support for XRPUSD will be met at $0.1938 the 100-day moving average. If XRPUSD breaks below the 100-day moving average support level, the price could correct further towards the $0.1841 the low from May 11th when the bitcoin halving event occurred.