Ripple price hits a wall at $0.19 following recovery from primary support at $0.17.
XRP/USD is gradually falling back into the hands of the bulls; support anticipated at $0.1850.
Ripple price has been in gain trimming exercise since the beginning of June. A descending channel stood in the way of upward movement. On the downed, the channel support kept the sellers in check preventing sharp declines.
The support at $0.17 has also been very instrumental to the ongoing recovery. Besides, XRP/USD is currently trading above the channel resistance. The momentum to $0.19 was also supported by both the 50 Exponential Moving Average (EMA) and the 100 EMA. Ripple has tested the resistance at $0.19 but failed to break above it. An ongoing retreat has sent the price to $0.1877 at the time of writing.
XRP/USD 2-hour chart
The hurdle at $0.19 must come down soon to allow the bulls to focus on breaking the next key seller congestion zone at $0.20. For now, the path of least resistance is downwards as seen with the retreating Relative Strength Index (RSI).
On the other hand, the Moving Average Convergence Divergence (MACD) shows that all is not lost for the bulls. The key indicator has a wide bullish divergence in addition to moving higher within the positive region. As long as the MACD’s trend remains intact, more buyers could be encouraged to join the market an even increase their positions in anticipation of gains above $0.20.
For now, the path of least resistance is downwards as seen with the RSI. Support above $0.1850 is vital for the continuation of the bullish action above $0.19. Areas to keep in mind include the 100 EMA ($0.1817), 100 EMA ($0.18) and $0.17.
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 firstname.lastname@example.org