Ripple Price Analysis: Break of 21-day SMA keeps XRP sellers hopeful

XRP/USD struggles to keep bounces off intraday low.
Bearish MACD, 10-day SMA and a two-week-old resistance line favor the bears.
Bulls need to refresh monthly top to retake controls.

Anil Panchal FXStreet

XRP/USD marks a corrective pullback from the intraday low of 0.5503 while picking up bids near 0.5622 during early Wednesday. In doing so, the ripple battles 21-day SMA amid bearish MACD signals.

Not only the quote’s latest declines below 21-day SMA, sustained trading below 10-day SMA and a falling trend line from November 25 also lure XRP/USD bears.

However, fresh selling can wait for a clear downside past-0.5500 while targeting the monthly low of 0.5427.

In a case where the quote refreshes the monthly bottom, the 0.5000 round-figure and November 21 high near 0.4700 will gain the market’s attention.

Meanwhile, a daily closing beyond the 21-day SMA level of 0.5640 will need to break 10-day SMA and the stated resistance line, respectively around 0.6030 and 0.6100, to probe the month’s peak near 0.6820.

Though, XRP/USD bulls’ dominance past-0.6820 will enable them to challenge the record high, marked in November, surrounding 0.7840/45.

XRP/USD daily chart

Trend: Further weakness expected

Additional important levels

Overview
Today last price	0.558
Today Daily Change	-0.0010
Today Daily Change %	-0.18%
Today daily open	0.559

Trends
Daily SMA20	0.5641
Daily SMA50	0.3786
Daily SMA100	0.3125
Daily SMA200	0.2691

Levels
Previous Daily High	0.6108
Previous Daily Low	0.5503
Previous Weekly High	0.6827
Previous Weekly Low	0.5427
Previous Monthly High	0.7843
Previous Monthly Low	0.228
Daily Fibonacci 38.2%	0.5734
Daily Fibonacci 61.8%	0.5877
Daily Pivot Point S1	0.5359
Daily Pivot Point S2	0.5128
Daily Pivot Point S3	0.4754
Daily Pivot Point R1	0.5964
Daily Pivot Point R2	0.6339
Daily Pivot Point R3	0.6569

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.

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