Ripple price analysis: XRP/USD huge chunks of gains slushed on Good Friday


  • The bulls pushed towards the channel resistance but the momentum lost steam around $0.3450.
  • If XRP/USD clears 100 SMA support, $0.3250 will come in handy.

Ripple was trending in a rising channel since Tuesday. XRP/USD broke above the 100 SMA 1-hour which reigniting the momentum in a bullish engulfing candle. The bulls pushed towards the channel resistance but the momentum lost steam around $0.3450.

On forming a weekly high at $0.3494 on Thursday Ripple started to slush huge chunks of the gains leading to the channel support destruction. The losses have extended to Good Friday where the support at 100 SMA is threatened.

The MACD is moving into a bearish zone below the mean line (0.0). The divergence is increasing to show that the sellers have the upper hand. From Thursday high at +0.004982 the indicator is sliding lower at -0.000999. On the same chart, the RSI is also trending lower following the rejection from yesterday high at 80.85. A support seems to be forming at 30.00 and is likely to give way to consolidation and ranging in both the indicator and Ripple price.

Meanwhile, Ripple is trading at $0.3298, the upside is capped below $0.3350 (resistance level). Formers support at $0.3400 will limit correction to the north while $0.3500 remains the critical resistance level. If XRP/USD clears 100 SMA support, $0.3250 will come in handy. Besides, other key support levels are 0.3200 and $0.3150 respectively.

XRP/USD 1-hour chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Analysis: BTC bulls may hit a brick wall on approach to $9,800

Bitcoin (BTC) extended the recovery to trade at $9,750 at the time of writing. The first digital asset bottomed at $9,300 on February 19 amid massive sell-off and managed to regain some ground since that time. 

More Bitcoin News

Ripple Price Weekly Forecast: XRP/USD road to $0.35 mapped

As the week grinds toa halt, cryptocurrencies are rolling in a positive direction. The positive resonation comes after a couple of days that saw bulls paralyzed in the cryptocurrency market.

More Ripple News

Cardano launched hardfork OBFT; ADA/USD extends the recovery

Cardano (ADA), now the 11th largest digital asset with the current market value of $1.5 billion, has gained 2.7% in recent 24 hours to trade at $0.0590 at the time of writing.

More Cardano News

BCH/USD sprints to $380 amid development tax disagreements

Bitcoin Cash explored the region at $350 as I discussed in the previous article. However, the bulls quickly entered the market ready to buy low and push the price upwards. BCH/USD is already in the green ...

More Bitcoin Cash News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC bulls plot the revenge

Bitcoin's market capitalization settled at $176 billion, which is 62.8% of the total digital assets market.

Read the weekly forecast

BTC

ETH

XRP