Ripple (XRP) price is trading higher in today’s session after two days of quiet movement. However, the downside risk is not over for the cross-border remittance token as it heads for a retracement before resuming its uptrend.
Ripple’s (XRP) book gains on Tuesday amid global risk aversion. XRP is up nearly 70% in the past two weeks. Downside risk remains intact below the 50-day SMA.
At the time of writing, XRP/USD is trading at $0.83, up more than 3% for the day. According to CoinMarketCap, the sixth largest cryptocurrency by market capitalization, its 24-hour trading volume stands at $2,369,168,895 with a 14% loss.
XRP Prepares to Break Down Intermediate Resistance Barrier
On the daily chart, Ripple (XRP) price is consolidating near current levels after making significant gains of late.
Source: Trade View
Additionally, XRP price remained under pressure below the falling trendline from the $1.34 highs as Ripple continued to mark a lower high and a lower low formation. The price has been trapped between the 50 and 200 SMA, which has acted as clear support and resistance for the pair.
Renewed buying pressure could cause XRP price to encounter immediate resistance near the descending line of $0.92. Next, market participants would knock out the $1.0 psychological level.
On the downside, the token could reverse its current direction towards the lower $0.75 hurdle on the change in bullish sentiment. This also coincides with the 50-day Simple Moving Average (SMA).
In addition, if selling pressure continues to build, XRP price could fall towards the pessimistic target of $0.55.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is trading at 60 with an upward bias supporting the bullish outlook for the pair.
MACD: The moving average convergence divergence (MACD) is holding above the midline.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
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This post Ripple (XRP) Price Prediction: XRP Face Hurdle Nearing $0.90 Below 200 SMA
was published first on https://coingape.com/markets/ripple-xrp-price-today-xrp-face-hurdle-near-0-90-below-200-sma/
