Market Overview

XRP/USD Range-Bound For Three Weeks In A Row

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  • XRP/USD is strongly supported by both the 50 SMA and the 100 SMA 4-hour.
  • Declines are likely to continue towards $0.31 in the short-term.

​​​​​​XRP/USD is still trading near the levels it exchanged hands at in the first week of March. However, it is essential to note that the crypto has also managed to stay above $0.30 vital support. Although the current range resistance is limiting gains towards $0.33, XRP/USD is strongly supported by both the 50 SMA and the 100 SMA 4-hour.

In other Ripple news, its blockchain incubator Xpring recently announced another $100 million fund. Xpring is collaborating with Forte, a gaming blockchain startup to champion the use of XRP ledger technology in the rapidly growing gaming industry.

Meanwhile, XRP/USD is range-bound between $0.30 and $0.3250. The formidable gains towards $0.35 failed to reach $0.35 hurdle leading to a retracement below the bearish trendline. Last week on Friday, XRP embarked on a journey to break $0.33 resistance but turned bearish on hitting a snag at the 61.8% Fib retracement level between the last swing high of $0.348 and a low of $0.2877.

The price is currently seeking support slightly above 50 SMA and the 100 SMA 4-hour. As far as the RSI is concerned, declines are likely to continue towards $0.31 in the short-term. The bulls, on the other hand, are still present and are battling to stage another correction to the north. Besides, the MACD is holding position marginally above the mean line (0.0).

XRP/USD 4-hour chart

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Posted-In: Cryptocurrency Earnings News Eurozone Forex Global Markets General

 

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