Ripple bounces off support at $0.1850 after plunging from levels above $0.20.
XRP/USD bulls must defend $0.19 support to guarantee gains towards $0.20 in the near term.
Ripple has majestically resumed the bullish trend after diving from the earlier consolidation limit at $0.20 to test the levels around $0.1850. Since the free-fall on June 5 when XRP tanked from highs around $0.2150, the crypto was range-bound between $0.20 and $0.21.
The choppy markets were not unique to XRP as Bitcoin and Ethereum also consolidated above $9,600 and $240 respectively. The fall in the price of Bitcoin on Thursday from highs close to $10,000 to lows around $9,000 negatively affected the rest of the market, especially for the major cryptocurrencies.
XRP/USD 1-hour chart
At the time of writing, XRP has corrected from the dip and is trading above $0.1928. Support has been established above $0.19 amid increasing bullish activities. Looking at the technical indicators such as the Relative Strength Index (RSI), I can tell that the bullish grip is becoming stronger. The RSI has recovered steadily from the oversold while it is still pointing north towards the overbought region.
However, the selling pressure cannot be ignored, especially considering the bearish session printed by the Elliot Wave Oscillator. On the upside, Ripple still has to deal with the resistance at $0.1950, the 50 SMA in the 1-hour range and at $0.20. Meanwhile, the bulls must ensure that they keep the price above $0.19 and focus on breaking above the hurdle at $0.20.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com