- Ripple price consolidates around $0.30 in anticipation of a rally above $0.3250 hurdle.
- XRP/USD must continue to hold above $0.30 to avert losses while keeping the focus on $0.3250 and $0.35 respectively.
Ripple has in the past few days remained lethargic in its price action. These mundane trading activities around $0.30 come after Ripple ascended to highs around $0.3250. Looking back (approximately two months), the third-largest cryptocurrency has performed relatively well from June lows traded at $0.1686. The bullish action continued over the month of July with XRP breaching the hurdle at $0.30 in the first week of August.
At the time of writing, XRP is trading at $0.3013 following weak recovery from the short term 50 SMA and the 100 SMA confluence support (weekend buyer congestion zone). Marginally above the prevailing market value is the first resistance at the descending trendline (forming part of a bullish flag pattern).
Ripple bulls are tasked with several important things; the first is to hold onto the support at $0.30 as this will help shift the attention back to $0.3250 and $0.35 respectively. Secondly, buyers must focus their effort on breaking above the bullish flag pattern in anticipation of a rally massive enough to boost action above $0.40. Thirdly, the ongoing retreat from the trendline must be controlled to ensure that losses under $0.30 do not nullify the progress made in the last four weeks.
XRP/USD 1-hour chart
According to a renowned trader, XRP consolidation following the massive bullish action is welcome. It will, in fact, set the framework for more gains in the coming sessions. The trader also believes Ripple must secure the position above $0.30 “to get that mojo going again.”
Ripple (USDT) – Consolidating nicely here after that big move from the MA 200 (21 cents to 33 cents) – Needs to regain 30 cents to get that mojo going again. Watch descending trendline for signal.
— Cheds (@BigCheds) August 14, 2020
Ripple Intraday Levels
Spot rate: $0.3013
Percentage change: -1.08%
Relative change: -0.0033
Trend: Bearish bias