Ripple price analysis: XRP/USD settles below $0.70 as bullish momentum fading away
|- Ripple cannot make it above $0.70 despite positive news.
- The downside is limited by 50-SMA at $0.66.
Ripple spiked above $0.70 on Friday, April 13, for the first time since the end of March. The coin gained over 33% during the week to become one of the growth leaders among major cryptocurrencies. Bullish market sentiments coupled with positive XRP-related fundamental news created strong momentum that took Ripple above a series of important technical levels.
XRP/USD has been flirting with $0.70 handle during the weekend but failed to move higher as the bullish momentum is waning without fresh catalysts. The price retraced towards $0.6720 with the mid-term upside capped by 50-SMA (daily interval). A clear move above $0.70 will confirm that the coin has bottomed out at $0.47 and ready to move towards $0.80 and $1.00.
Ripple short-term technical picture
On the intraday level, XRP/USD is moving within a strong upside channel with downside corrections limited by 50-SMA (hourly chart) at )$0.6600. If it is broken, the bearish momentum may be extended towards $0.6330 (100-SMA, hourly interval) and psychological $0.60. On the upside, Ripple bulls have to take it above $0.70 and above Friday's high at $0.7077, before $0.75 comes into focus.
XRP/USD, the hourly chart
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