XRP/USD bounces off $0.20 support, will the bulls conquer descending trendline resistance?

Fibo Quantum

  • Ripple price is trading between the 100 SMA resistance and the 50 SMA support.
  • A break above the descending trendline resistance could pave the way for more action towards $0.21 and $0.22.

Ripple price is in the green like other major cryptocurrencies. The Asian session has been characterized by increased buying activity. XRP has advanced slightly north from the support at $0.20. At the moment, Ripple is trading at $0.2063 and dealing with the descending trendline hurdle.

At the time of writing, XRP/USD is teetering at $0.2063 but at the same time, the price is capped between the 50 SMA support in the 4-hour range the 100 SMA resistance. The zone at $0.20 came out as a stronger buyer congestion zone during the weekend. Besides, the ongoing price action to the north stems from a bounce off the same zone.

A glance at the applied technical indicators shows that XRP is in in the able hands of the bulls. The RSI has sustained an uptrend from the recent low under 30. The indicator although not in the overbought region yet, is pointing north. This displays a positive picture for Ripple in the near term. The MACD in the same 4-hour range emphasizes the renewed price action. If the descending trendline is broken, Ripple bulls could shift the focus to breaking hurdles at $0.21 and $0.22 respectively.

XRP/USD 4-hour chart