The weekend trading session was characterized by a form of mundane trading with a lot of action. The price of XRP remains on the upside at the $0.34 supply position. It is looking likely that a consolidation for the XRP price will be critical.
Trade began today with very few major upward movements in the crypto market. Which is much unlike the weekend session which was characterized by mundane trading. The price of XRP did manage to stay up and above the key $0.30 position following its recovery movement from the lows it endured marginally above $0.28.
XRP Price Staged a Recovery in an Upward Trending Channel
Going by the price action in the last 24 hours and earlier, the price of XRP has staged a recovery in an upward trending pattern. The gains recorded on this past Sunday saw the price of XRP hit highs of $0.3450 before price corrections set in. Although there was a break below the short-term 50 SMA via the hourly chart of the XRP/USD pair, XRP price managed to find bearing above the long-term 100 SMA.
Moreover, the 61.8% Fibonacci retracement position taken from the last swing at $0.3450 to $0.2814 help to stop prices from moving south. As of when this content was published, the price of XRP is trading at $0.33. It is also battling the 50 SMA resistance point via the hourly chart.
Crucial Resistance Positions to Watch
The ascending channel is also very crucial to the upward trend of Ripple’ XRP. As mentioned above, there were no sudden price movements present at the moment. However, there is an indication that further corrections will only happen depending on a number of technical levels for XRP/USD. A break above the 50 SMA and the $0.33 position will likely pave the way for steady growth towards the $0.34 position which is a supply area.
The buyers now have to fight to break over the channel resistance area in the near-term. This will be a move that is likely going to give the price of XRP a kick above the $0.35 point.
MACD Shows That XRP Price is destined for Consolidation before Next Breakout
When you critically look at the MACD pattern (Moving Average Convergence Divergence), you will find that a price consolidation will be a strong possibility before the next breakout session. The signal from the MACD indicator is neither in a bullish pattern nor bearish movement (there is divergence visible). The key support points for XRP in the last 24 hours include the 100 SMA, the 50% Fibonacci retracement position, the $0.30 area and the $0.28 point.
The price of XRP also faced a number of critical hurdles at the 50 SMA the $0.33 position, the $0.34 supply area and the $0.40 position. The MACD for the 1 hour chart highlighting trading for XRP/USD is holding tight to the mean line. There is no divergence point which suggests that XRP is undergoing sideways trading for the near-term outlook. We can only wait to see if XRP can take this action for an extended sustained period. However, the price outlook is still bullish and the XRP price prediction for the year may still be achievable.