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.