Ripple Price Analysis: Battle lines well-defined for XRP traders
- XRP/USD lacks clear directional bias, awaits a range breakout.
- Ripple ranges between 100 and 200-DMA.
- Daily RSI has turned flat but stays below the midline.
Ripple (XRP/USD) is consolidating its rebound from multi-month lows, awaiting a strong catalyst for a range breakout.
A tug-of-war between the bulls and bears have left the no. 3 coin in limbo over the last two trading sessions. The price looks set to end the week within Friday’s range between $0.3703 and $0.2456.
XRP/USD: Daily chart
Ripple’s daily chart shows a doji candlestick pattern for the second straight day, indicative of a likely buyers’ exhaustion.
The bulls need to take out the critical resistance at $0.3565 to extending the recovery momentum. That level is the meeting point of the horizontal 100-daily moving average (DMA) and 38.2% Fibonacci Retracement (Fib) of the decline from December 17 to December 29.
Acceptance above the latter could bring the 50% Fib of the same tumble at $0.4128 into play.
To the downside, the convergence of the bearish 21-DMA and horizontal 200-DMA at $0.2988 could offer strong support.
The 23.6% Fib at $0.2880 would be the last resort for the bulls.
The Relative Strength Index (RSI) trades flatlined, currently at 47.58, suggesting weakening upside bias.
XRP/USD: Additional levels to consider
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
