Ripple price failed to break the resistance at $0.20 ammonizing the buyers to force a reversal under $0.19
- Ripple Price Action Stalls Under the 50 EMA: Swing To $0.17 Seems Imminent Before Surge Above $0.20
- XRP/USD underperformance since the beginning of 2019 alarms investors but Ripple maintains it has no influence on the price of the token.
Ripple price lagged last week’s breakout in comparison to Bitcoin which hit levels above $7,300 from lows at $6,500 and Ethereum’s lift-off from levels at $160 to highs testing $190. XRP/USD recovery journey was not dramatic, however, it lost steam before hitting the critical hurdle at $0.20. The weekend session remained drab with selling pressure intensifying towards $0.20. XRP/USD dived under $0.19 but the concentration of buyers above $0.1850 has seen stability dominate the last 72 hours.
At the time of writing, XRP is trading at $0.1939. The crypto has added a cool 2.47% onto its value on the day after opening the session at $0.1891. Ripple currently phases a bullish trend whose impact is affected by the shrinking volatility.
The immediate upside is limited by the 50-day Exponential Moving Average. It is apparent that buyers are working hard to kick off this week’s trading above the moving average. Stepping above this MA could easily increase the bulls’ influence as they change their focus from $0.20 to higher levels at $0.30.
Ripple price underperformance among the top 30 cryptocurrencies continues to alarm investors and the XRP community. However, the company maintains that it has absolutely no influence on the price of XRP. On the other hand, their period sale of XRP tokens has been blamed for the underperformance.
XRP/USD daily chart
According to the Moving Average Convergence Divergence (MACD), Ripple is currently in the hands the bulls. However, it lacks a catalyst to sustain a breakout above 0$0.20. Meanwhile, the bulls will remain in control in the coming sessions ahead of possible breakout in tandem with the bullish cryptocurrency market.
Ripple Intraday Key Levels
Spot rate: $0.1934
Relative change: 0.0042
Percentage change: 2.47%
Trend: Bullish
Volatility: Shrinking
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Mon, 20 Apr 2020 06:33:26 +0000
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