Ripple Price Prediction: XRP bulls to have a bumpy road ahead, $0.4910-30 guards immediate upside
- XRP/USD takes the bids near intraday high, rises for fourth consecutive day.
- Convergence of 200-bar SMA, two-week-old falling trend line tests the bulls.
- A resistance line from February 13 adds to the upside filters.
Ripple buyers shouldn’t too optimistic as multiple hurdles are up for offering a bumpy road despite the latest four-day winning streak. That said, XRP/USD stays firm at around $0.4850 during early Wednesday.
The altcoin’s current run-up eyes a confluence of 200-bar SMA and a short-term resistance line around $0.4910-30.
However, any further upside seems less likely as MACD lacks courage. Even if the quote crosses the $0.4930 resistance, a downward sloping trend line from February 13, at $0.5320 now, will challenge the XRP/USD bulls.
On the contrary, pullback moves will be tested by a one-week-old rising support line, at $0.4650 now, a break of which could direct XRP/USD sellers toward another support trend line stretched from February 23, currently around $0.4385.
It should be noted that a clear downside past-$0.4385 will make the XRP/USD vulnerable to revisit the previous month’s low near $0.3660.
XRP/USD four-hour chart
Trend: Pullback 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.
