- XRP price challenges critical 200-DMA resistance at $0.7774.
- Bullish RSI could push for a firm break above the latter.
- The upside appears more compelling towards $1.00.
XRP price pauses its recent uptrend, consolidating in a familiar range for the fourth day in a row, as the digital asset bides time to resume the next leg higher.
Ripple’s rally picked up steam in the previous week, tracking its rivals – Bitcoin and Ethereum higher, recording a whopping 27% gain over the past seven days.
How is XRP price positioned on the technical graph?
The XRP price hit fresh seven-week highs at $0.7775 earlier this Sunday, before reversing to near $0.7600, where it now wavers.
Despite the retracement, Ripple adds 2.14% on the day, with the critical 200-Daily Moving Average (DMA) at $0.7774 capping the upside attempts (for now).
Meanwhile, the mildly bearish 50-DMA at $0.6700 continues to guard the bullish interests.
With the 14-day Relative Strength Index (RSI) sitting just beneath the overbought region at 65.96, there is more room to rise for XRP price.
However, only a daily closing above the 200-DMA barrier could revive the bullish momentum, opening gates for a rally towards the downward-sloping 100-DMA at $0.9343.
XRP/USD: Daily chart
Alternatively, the $0.70 round number could limit the declines should XRP bulls face rejection at the 200-DMA.
The next powerful support awaits at the 50-DMA, below which the bullish 21-DMA at $0.6325 could be on the sellers’ radars.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.