Ripple Price Analysis: XRP extends 200-day SMA break towards two-week-old support line
- XRP/USD prints three-day losing streak despite staying above short-term support line.
- Bullish RSI, MACD can help restrict short-term downside around key support.
Failures to keep upside break of 200-day SMA drags XRP/USD towards revisiting a short-term support line. That said, the quote drops to 0.2820 during early Tuesday.
Considering ripple’s pullback from a downward slopping trend line since December 25, coupled with the recent drop below 200-day SMA, XRP/USD traders can revisit a short-term support line, at 0.2580.
However, any further losses will be challenged by bullish MACD and almost upbeat RSI conditions.
In a case where the XRP/USD sellers break the 0.2580 support line, the 0.2000 psychological magnet and the late-2020 low near 0.1720 may gain the market’s attention.
Alternatively, 200-day SMA and the stated resistance line, respectively around 0.3000 and 0.3685, will guard the pair’s immediate recovery moves.
Should the XRp/USD buyers manage to conquer 0.3685, a descending resistance line from November 24, at 0.5130 now, will be in the spotlight.
XRP/USD daily chart
Trend: Further weakness expected
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
