Ripple eyes a sustained break above 200-DMA to recapture $1.00

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  • 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.

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