Ripple price slide for one more day, below the 50-day moving average at 0.1896, which proves to be strong resistance, as Ripple failed to break above the last trading sessions. Ripple managed to rebound from the March 13 lows amid the coronavirus sell-off and at least for now the rebound has stalled at the crucial 50-day moving average. The healthy uptrend move that started since March 13 is losing momentum and sellers might take advantage unless XRPUSD managed to break above the 50-day moving average.
Bitcoin price is 0.24% lower today at $6,845. Ethereum (ETHUSD) is 0.03% higher at 157.07. Litecoin (LTCUSD) is 0.70% lower at $41.08. The Ripple – XRPUSD market capitalization is at 8.18 billion with the trading volume reaching 1.95 billion in the last 24 hours. The top cryptocurrencies market cap has reached 194.60 billion.
Download our Q2 Market Global Market Outlook
Ripple Price Analysis
Ripple price is 1.07% lower at $0.1860, as the correction from the recent highs gains momentum. The technical outlook for XRP is bearish for the long term while the short term picture has also deteriorated after the consecutive rejections at the 50-day moving average. To start a fresh rally, the Ripple price must break above the 0.2060 mark.
Looking north, first support for XRPUSD stands at $0.1935 today’s low. The next support for XRPUSD will be met at $0.1795 the low from yesterday’s trading session. In case of a move below the $0.1795 support level, the XRPUSD price could correct further towards the $0.1671 level in the near term the low from April 1st trading session.
On the other side, first resistance for Ripple will be met at $0.1892 the daily top; If Ripple remains strongly bid above, the next obstacle will be encountered at $0.2060 the high from April 7. A credible break above $0.2060 might open the way for a bigger rally. Next resistance to watch is at $0.2215 the 100-day moving average.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.