XRP/USD hovers under $0.36 amid growing upside momentum

Fibo Quantum

  • XRP/USD remains consolidative, stays unchanged on weekly basis.
  • Mid-term resistance seen at $0.38.

Ripple’s XRP recovered form an intraday low and attempted a breakthrough above $0.3600 handle. However, this barrier seems to be a hard nut to crack for XRP bulls. The coin retreated to $0.3574 by the time of writing, though the bullish sentiments are gaining traction. XRP has gained over 1% since this time on Tuesday and stayed unchanged on a week-on-week basis.

Looking technically, XRP/USD is effectively capped by a psychological barrier $0.3800, strengthened by DMA200 located at $0.3780. This area has been limiting the coin’s recovery since April, 3; however, considering the upward-looking daily RSI (the relative strength index), we may suggest that the upside momentum might gain traction provided that the general market conditions are supportive enough.

Still, a sustainable growth above the said resistance $0.3800 might require a strong catalyst of a fundamental driver. 

On the downside, the critical support is seen at $0.3220-$0.3200. It is created by a confluence of DMA50 and DMA100. A move below this area will bring $0.30 back in focus. 

XRP/USD, 1D chart