Ripple price continues lower for the fourth consecutive session mirroring the bitcoin move during the weekend and ahead of the bitcoin halving event which occurs in about eight hours from now. Ripple price broke the recent trading range that was eliminating volatility in XRPUSD. Ripple price was trapped between the 100 and 200-day moving averages for the last ten trading sessions at least.
Yesterday XRPUSD from $0.2150 dropped down to $0.1795, the lowest level for the last three weeks. After hitting the daily low XRPUSD managed to return above the 50-day moving average. Bitcoin yesterday, also dropped from $9,500 to $8,110 where it met the support of the 100-day moving average.
Ripple price today also supported by the 50-day moving average, at 0.1925 and managed to rebound. Now the capitalization of the number three cryptocurrency has dropped to 8.57 billion.
Ripple Price Analysis
Ripple price is 1.39% lower at $0.1946 and now faces the critical 50-day moving average. A break below will cancel the positive momentum, and sellers would seize control of the crypto pair. Traders will carefully follow the moves of bitcoin ahead and after the halving event. I expect high volatility and traders must be very careful.
On the downside, first support for Ripple stands at $0.1919 – 0.1925 the daily low and the 50-day moving average. The next important support will be met at $0.1780 the low from yesterday’s trading session. In case of a move below $0.1780 support level, XRPUSD price could correct further towards the $0.1733 the low from April 16.
On the other side, first resistance for XRPUSD price will be met at $0.2003 the daily top; If Ripple remains actively bid above $0.2003, the next hurdle will be met at $0.2149 the 100-day moving average. A break above the 100-day moving average might open the way for a bigger rally. Next resistance area to watch is at $0.2243 the 200-day moving average.