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XRP/USD Still Pushing For Higher Consolidation

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XRP/USD Still Pushing For Higher Consolidation
  • The rejection from the new 2019 highs at $0.47 could not find support at $0.4000.
  • Ripple is still trending higher above the rising trendline while pushing for higher consolidation.

Ripple sustained losses from the highs around $0.47 on Friday last week. The volatility on the market had catapulted XRP/USD from the narrow range resistance between $0.2900 and $0.3100. Once the price corrected above the 50 Simple Moving Average (SMA) and the 100 SMA 4-hour there was slight struggle at $0.3200 but a break above the level place the crypto in an upwards motion past $0.3500 hurdle in turn opening the door for gains towards $0.5000.

The rejection from the new 2019 highs at $0.47 could not find support at $0.4000. Instead, the declines extended to the level at $0.3600 where a reversal occurred. We can see Ripple still trending higher above the rising trendline while pushing for higher consolidation.

Immediate support is provided by the 50 SMA 4-hour and the trendline support. If this support is broken $0.3600 (recent support) will come in handy while the 100 SMA 4-hour at $0.3502. Although, $0.3000 will be an overstretch as far as the current technicals are concerned. However, it declines extended, the same level will function as a key support.

XRP/USD 4-hour chart

may21-xrp-636940322512553779.png

Image sourced from Pixabay

Posted-In: crypto marketCryptocurrency News Eurozone Forex Global Markets General

 

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