- 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 buyers would then gear up for a test of the big $1.00 level.
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.
This news is originally posted here