- XRP/USD consolidates recent losses after regaining 0.2000 the previous day.
- Bullish MACD also favors a chart pattern having significance near the bottom.
- 200-bar SMA, one-month-old falling trend line adds to the upside barriers.
Having recently probed the intraday high near 0.2200, XRP/USD takes rounds to 0.2160, up 2.009% on a day, during the early Thursday. The crypto major recently gained bears’ attention as multiple buses shunned XRP trading.
However, sellers seem to catch a breather following its drop to the lowest since June earlier in the week. The resulted retracement portrays a bullish chart pattern on the four-hour (4H) play.
While wedge has an increased strength to boost the prices when they’re low, XRP/USD’s downtrend to the multi-day bottom keeps the short-term buyers hopeful. Also favoring the upside momentum is the bullish MACD signals.
However, a clear upside break of 0.2400 becomes necessary for the XRP buyers to confirm the bullish chart pattern that favors a return of 0.4500 mark on the chart. Also acting as an upside barrier is the previous support line from November 26, at 0.4208 now.
During the quote’s sustained rise past-0.4208, the 200-bar SMA level of 0.4980 will be the key to watch.
Alternatively, the recent low, also the lowest since June 27, near 0.1720, will precede the stated bullish formation’s support line, currently around 0.1588, to challenge the XRP/USD bears.
Should there be a clear downside past-0.1588, the yearly bottom surrounding 0.1130 and the 0.1000 psychological magnet will gain the market’s attention.
XRP/USD four-hour chart
Trend: Pullback 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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces
Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.
Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari.
LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains. USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level. After three weeks of consolidating around this level, BTC shows no directional bias whatsoever. Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.