Tanya Abrosimova
Independent Analyst
- XRP/USD enters consolidation mode after a strong growth.
- Critical $0.38 limits the upside for the time being.
Ripple’s XRP topped at $0.3800 on April, 4 and retreated to $0.3622 by the time of writing. The third largest digital asset has gained about 16% in recent seven days, which is far less impressive than Bitcoin Cash’s (BCH) 88% growth or Litecoin’s (LTC) 50% gains. The value of Bitcoin (BTC) and Ethereum (ETH) increased by 28% during the same timeframe.
Looking technically, XRP/USD is effectively capped by DMA200 hat coincides with $0.3800 barrier that stopped the coin’s upside during the previous week. While the daily Relative Strength Index (RSI) remains flat close to an overbought territory, MACD recovered above zero, signalling that more upside may be in store for the coin. However, a sustainable growth above the said resistance $0.3800 looks unlikely at this stage. The market is losing momentum and the bullish sentiments are not strong enough for a decisive breakthrough.
On the downside, the critical support is created by a confluence of DMA50 and DMA100 in the area $0.3200-$03230. A sustainable move lower will spoil the technical picture and bring $0.30 back in focus. This support area is preceded by $0.3550 (SMA100, 1-hour) and $0.3450 (SMA200, 1-hour).
XRP/USD, 1D chart
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