- XRP/USD is range-bound between the resistance turned support at the 38.2% Fib level and the 50% Fib level.
- Technical analysis shows that the journey to $0.3800 is going to be an uphill task.
XRP/USD has managed to stay above $0.3200 support following the declines witnessed on Thursday last week. Besides, the digital asset has made a correction past the 38.2% Fib retracement level taken between the last swing high of $0.3800 and a previous swing low of $0.2880.
Meanwhile, the price is range-bound between the resistance turned support at the 38.2% Fib level and the 50% Fib level. To forge another recovery towards the highs at $0.3800, XRP/USD must fight to defend the initial support at $0.3300 and escape the range resistance. A further correction will face resistance at the 100 simple moving average (SMA) 4-hour currently at $0.3388 and the 50 SMA 4-hour at $03409.
Technical analysis shows that the journey to $0.3800 is going to be an uphill task. The Relative Strength Index (RSI) at 45.94 is moving downwards. The indicator has not been able to recover to the levels reached in the first week of April. On the other hand, the moving average convergence divergence (MACD) sloping toward the positive zone to show that the buyers are gaining traction. In the short-term, XRP will continue in the range until a move is made either direction of the narrow range.
XRP/USD 4-hour chart