XRP/USD calm in a narrow range between $0.18 and $0.19

Fibo Quantum

  • Ripple price movement stuck between resistance at $0.19 and support at $0.18.
  • Price action above the 50-day SMA could boost Ripple towards the 38.2% Fibo hurdle at $0.20.

Ripple price has settled in consolidation between two important levels; $0.18 and $0.19. Recent support established at $0.1750 put an end to the selling pressure following the rejection at $0.20. The resistance at the 38.2% Fibonacci retracement level taken between the last swing high of $0.3484 to a swing low at $0.1117 continues to be a pain for the bulls because despite their effort gains have not been sustainable beyond this level since the free-fall mid of March.

In the meantime, XRP/USD is trading at $0.1852. Buyers intend to hold the price above the 50-day SMA in readiness for more bullish action following the current consolidation period. The immediate downside is also supported by the ascending trendline.

Technical indicators such as the MACD and the RSI align in support of the sideways action. However, with the MACD above the mean line, it means that bulls have an upper hand. The continuing bearish session with the Elliot Wave Oscillator could soon give way to a bullish session, further pulling XRP/USD towards $0.20.

XRP/USD daily chart