A modestly optimistic bias is maintained by the price of XRP, which is trading at $1.404 on Monday. This is because the price continues to remain above the 50-day exponential moving average at $1.399. Additionally, the 100-day EMA at $1.340 and the 200-day EMA at $1.384 are supporting an underlying demand zone beneath the market. Although the larger structure continues to be maintained, momentum has weakened, as evidenced by the Relative Strength Index falling to 44 and the Moving Average Convergence Divergence extending somewhat further into negative territory.
This indicates that upward propulsion is losing speed. A break below these levels would expose the 100-day exponential moving average at $1.340, followed by the horizontal floor at $1.300, and then the more distant structural support at $1.000. On the downside, immediate support is seen immediately under the market at the 50-day exponential moving average, which is located around $1.400. The 200-day EMA is located at $1.384 before it.
With the horizontal barrier at $1.671 and an extra obstacle at $1.900, the next big resistance on the topside is the horizontal barrier. Unless buyers are able to recapture these overhead levels, XRP is likely to remain in a consolidative phase despite its bullish positioning above the key moving averages.
