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The majority of digital assets are trading down in the last 24 hours as short-term traders pulled profits. XRP is presently consolidating despite reaching highs of $1.24 on Sept. 10. At the time of this post, XRP was trading at $1.07, down 2.57% on the day. In late July, Flare Network announced plans of a second airdrop of Canary Network Token, Songbird (SGB) to all XRP holders who participated in the Spark airdrop snapshot. According to a Flare official blog post on Sept. 16, ”Songbird has now launched and is currently in ”Observation Mode”. While XRP holders eagerly wait to receive the SGB airdrop, Ripple’s on-demand liquidity, RippleNet continues to thrive. In a recent collaboration, UK-based payments company, Paydek has leveraged RippleNet to connect into Africa and afterward expanded into Latin America in partnership with Localpayment.
Key Levels
Resistance Levels: $1.4000, $1.3000, $1.2000
Support Levels: $0.9206, $0.7708, $0.5450
XRP/USD Daily Chart: Ranging
XRP/USD Daily Chart
XRP/USD is seeing a dip within its sideways range as most crypto assets fell during Friday’s trading session. Extension of recovery rally on Sept. 10 probed briefly above the $1.244 barrier but failed to close above the $1.055 level and generate a bullish continuation signal. XRP is marking the second day in red after retreating from a recently logged high of $1.13, thus hitting the $1.03 support near the MA 50 on Sept. 17.
Solid support at $1.065 (MA 50) and the $1.03 mark stays intact for now, with deeper pullback needed to hold above MA 200 ($0.93) to keep bullish near-term bias in play for fresh attempts higher. Conversely, Extended consolidation could be expected if the support near the MA 50 continues to hold, while near-term bullish signals would be generated on a close above the $1.13 and $1.24 levels. Beyond here, Bulls could subsequently aim for the $1.43 and $1.76 levels.
XRP/USD 4-Hour Chart: Ranging
XRP/USD 4-Hour Chart
XRP retreated below the 4-hour MA 50 following profit-taking seen across the markets. XRP however still trades within the range of $1.01-$1.17 (MA 200) and can continue to consolidate in the mentioned range for some more time before a break on either side. A broad range of $0.95-$1.24 continues to hold. Traders should watch price action near $1.03 as a break below this level can open doors for a fall towards $0.95.
The RSI is hovering beneath the 50 neutral levels, suggesting a slight advantage to the bears. On the contrary, a sustained rise above $1.08 (MA 50) is needed to take the price up towards $1.17 and to reinforce the neutral outlook. Price action near $1.17 remains critical and if the bulls persist, the XRP/USD pair may then be directed towards the $1.21 high ahead of the $1.41 barrier.
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