- XRP/USD extends pullback from 0.5280 inside a bearish chart pattern.
- 200-bar SMA, channel support to test the sellers, 100-bar SMA acts as extra upside barrier.
XRP/USD drops to 0.5092 during the early trading hours of Monday. In doing so, the quote keeps Friday’s downbeat mood inside a descending trend channel formation established since November 29.
With the RSI conditions far from oversold, XRP/USD sellers can keep the reins inside the bearish formation. However, 200-bar SMA and the stated channel’s support, respectively around 0.4830 and 0.4640, will challenge further downside.
In a case where the XRP/USD bears keep dominating past-0.4640, November 26 low around 0.4580 will be the key to watch.
Meanwhile, an upside clearance of the latest top near 0.5280 can recall short-term buyers targeting the channel resistance of 0.5700. Though, any upside break will have to cross the 100-bar SMA level of 0.5865 to convince the XRP/USD bulls.
Overall, the crypto pair is likely to witness further downside but the key supports can offer intermediate bounces to the quote.
XRP/USD four-hour chart
Additional important levels
|Today last price||0.5076|
|Today Daily Change||-0.0058|
|Today Daily Change %||-1.13%|
|Today daily open||0.5134|
|Previous Daily High||0.528|
|Previous Daily Low||0.4861|
|Previous Weekly High||0.6289|
|Previous Weekly Low||0.504|
|Previous Monthly High||0.7843|
|Previous Monthly Low||0.228|
|Daily Fibonacci 38.2%||0.512|
|Daily Fibonacci 61.8%||0.5021|
|Daily Pivot Point S1||0.4903|
|Daily Pivot Point S2||0.4673|
|Daily Pivot Point S3||0.4484|
|Daily Pivot Point R1||0.5322|
|Daily Pivot Point R2||0.5511|
|Daily Pivot Point R3||0.5741|
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