Ripple Price Analysis: XRP bears push for a downswing below $0.51
|- XRP/USD keeps pullback from 10-day SMA, MACD turns bearish for the first time in six weeks.
- Ascending trend line from February 02 restricts immediate declines.
- Monthly resistance line adds to the upside filters.
XRP/USD drop to $0.5270 while extending the previous day’s pullback to early Friday. The altcoin’s latest weakness could be traced from its repeated failures to cross 10-day SMA as well as the first bearish MACD signal since the early January.
This keeps the ripple sellers hopeful. However, an upward sloping trend line from the initial February, close to $0.5100, restricts the quote’s immediate downside.
As a result, the XRP/USD bears should look for entry below $0.5100 for fresh downswing targeting the January 07 high near $0.3700. Though, the monthly low near $0.3400 can challenge the sellers afterward.
Meanwhile, an upside clearance of 10-day SMA, at $0.5530 now, will have to cross the downward sloping trend line from February 01, currently around $0.5950, to recall the XRP/USD buyers. Also acting as an upside filter is the $0.6000 round-figure.
To sum, Ripple’s failures to follow the crypto majors seems to give risk-taking sellers a fresh life.
XRP/USD daily chart
Trend: Further downside expected
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.