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Ripple Price Analysis: XRP bears stay hopeful inside two-week-old falling channel

  • 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.
Ripple Price Analysis: XRP bears stay hopeful inside two-week-old falling channel
Anil PanchalAnil PanchalFXStreet

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

Trend: Bearish

Additional important levels

Overview
Today last price0.5076
Today Daily Change-0.0058
Today Daily Change %-1.13%
Today daily open0.5134
 
Trends
Daily SMA200.5921
Daily SMA500.4077
Daily SMA1000.3262
Daily SMA2000.2778
 
Levels
Previous Daily High0.528
Previous Daily Low0.4861
Previous Weekly High0.6289
Previous Weekly Low0.504
Previous Monthly High0.7843
Previous Monthly Low0.228
Daily Fibonacci 38.2%0.512
Daily Fibonacci 61.8%0.5021
Daily Pivot Point S10.4903
Daily Pivot Point S20.4673
Daily Pivot Point S30.4484
Daily Pivot Point R10.5322
Daily Pivot Point R20.5511
Daily Pivot Point R30.5741

Author

Anil Panchal

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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