Ripple Price Analysis: XRP bears eye December low on downside break of short-term triangle
- XRP/USD bounces off two-week low amid oversold RSI conditions.
- Sustained trading below 200-bar SMA, bearish confirmation from immediate chart pattern favor sellers.
- Bulls need to cross Christmas top to retake the controls.
XRP/USD bounces off 0.2400 threshold to currently around 0.2550 during early Friday. Even so, the altcoin stays near the lowest since January 06 while keeping the recent downside break of a symmetrical triangle established since January 10.
Although nearly oversold RSI conditions favor the latest short-covering, XRP/USD bears remain hopeful unless the quote bounces back beyond the stated triangle’s support line, at 0.2670 now.
Even if the XRP/USD prices manage to cross 0.2670, the 200-bar SMA near 0.3000 and the triangle resistance around 0.3180 will challenge the bulls.
Furthermore, the quote’s sustained upside past-0.3180 will eye for the December 25 top near 0.3850, a break of which will confirm the XRP/USD run-up beyond the 0.4000 mark.
Alternatively, multiple supports around 0.2150 can offer immediate rest to the XRP/USD sellers. Also likely to rest the bears ahead of the previous month’s low of 0.1719 will be the 0.2000 threshold.
It should, however, be noted that the crypto pair’s sustained trading below 0.1719 will need validation from the June 2020 low of 0.1690 for further downside.
XRP/USD four-hour chart
Trend: Bearish
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.
