Ripple Price Trapped Between The 100 and 200-Day MA
Ripple price rebounds today holding above the 100-day moving average that provides firm support the last two weeks. The number three cryptocurrency by capitalization, trapped between the 100 and 200-day moving average, as crypto traders await next week the bitcoin halving event that might trigger the next big move in the cryptocurrencies universe.
Meanwhile, Ripple will be the first DLT member of the global ISO 20022 Standards Body as it expands the presence in the international payments industry. ISO 20022 proposes a standardized approach in methodology and process to enable communication and interoperability between the global financial organizations. Ripple’s entry to ISO 20022 implies a further validation of cryptocurrency and Digital Ledger Technology in the world of traditional finance. Ripple and its customers will have a say in the future direction of cross-border payments.
Bitcoin is trading 2.42% higher at 9,256, enhancing the bullish momentum that drives the total cryptocurrencies market. The capitalization of the top 100 cryptocurrencies surpassed $254.99 million.
Ripple price is 1.83% higher at $0.2211, as the recent short term bullish momentum now turns neutral below the 200-day moving average. Investors have to be patient at current levels, and it is wise to wait for a breakout below or above the 100 and 200-day moving average respectively, to initiate a trading position.
On the upside, first resistance for XRPUSD price will be met at $0.2225 the daily high; If Ripple remains actively bid above $0.2225, the next obstacle will be encountered at $0.2263 the 200-day moving average. A break above 0.2263 might open the way for a bigger rally. Next resistance area to watch is at $0.2358 the high from April 30.
On the flip side, initial support for Ripple stands at $0.2150 today’s low. The next support for XRPUSD will be met at $0.2070 the low from May 4 trading session. In case of a move below the $0.2070 support level, Ripple price could correct further towards the $0.1947 the low from April 28.