Ripple’s (XRP) price trades higher in today’s session after two days of the silent move. However, the downside risk is not over for the cross-border remittance token as it is bound for a retracement before its uptrend resumes.
- Ripple’s (XRP) book gains on Tuesday amid global risk-aversion.
- XRP surged nearly 70% over the past two weeks.
- Downside risk remains intact below the 50-day SMA.
As of writing, XRP/USD is trading at $0.83, up more than 3% for the day. As per CoinMarketCap, the sixth-largest cryptocurrency by market capitalization the 24-hour trading volume stands at $2,369,168,895 with a loss of 14%.
XRP prepares to knock down interim resistance barrier
On the daily chart, Ripple’s (XRP) price consolidates near the current levels after sustaining significant gains lately.
Furthermore, XRP price remained pressured below the descending trend line from the highs of $1.34 as Ripple continued to mark lower high and lower low formation. The price is being trapped in between the 50 and 200 SMA, which acted as clear support and resistance for the pair.
A renewed buying pressure could cause XRP price will face immediate resistance at the bearish slopping line at $0.92. Next, market participants would take out the psychological $1.0 level.
On the flip side, the token could reverse the current direction toward the lower hurdle of $0.75 upon the change in the bullish sentiment. This also coincides with the 50-day Simple Moving Average (SMA).
Furthermore, if the selling pressure continues to enhance, XRP price could fall toward the pessimistic target of $0.55.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) trades at 60 with an upward bias supporting the bullish outlook for the pair.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline.
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