Ripple Price Consolidates Between $0.16 and $0.175

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Ripple price is in the consolidation phase for sixth consecutive trading sessions between 0.16 and 0.1750. XRPUSD meets intense selling pressure above the 0.1750 mark as the rebound from the recent lows run out of steam. Investors sentiment around the digital currencies has improved after the rebound from recent lows. The relief packages from governments and monetary measures from central banks supported risky assets last week.

BTCUSD price is 1.85% lower at $6,302, while LTCUSD is 1.40% lower at $38.59 while ETHUSD is 0.92% lower at $131.92. The Ripple – XRPUSD market capitalization is at 7.59 billion with a trading volume reaching 2.04 billion in the last hours. The top cryptocurrencies market cap has reached 179.06 billion.

Ripple Price Technical Analysis  

Ripple price is 0.98% lower at 0.1720 in a quiet trading session as traders are cautious amid the increased volatility the last weeks. The technical picture is bearish for the long term, but for the short term, the trend is neutral.   

On the downside, first support for Ripple stands at $0.1715 today’s low. The next support for XRPUSD will be met at $0.1629 the low from March 30. In case of a break below the $0.1629 support level, the XRPUSD price could correct further towards the $0.1448 level in the near term the low from March 23th trading session.  

On the contrary, the first hurdle for Ripple will be met at $0.1748 the daily top; If Ripple remains well bid above, the next obstacle will be encountered at $0.1781 the high from yesterday’s trading session. A credible break above 0.1781 would be likely to open the door for a bigger rally. Next resistance to watch is at 0.1892 the high from March 27.