Ripple Price Analysis: XRP bulls battle 100-day SMA amid upbeat fundamentals
- XRP/USD cheers upside break of 21-day SMA following comments from Ripple CEO.
- MACD turns most bullish since late-November, bulls eye six-week-old resistance line.
- Mid-2020 low becomes a strong support for bears to watch.
XRP/USD stays on the front foot while taking the bids near 0.3360 during early Friday. In doing so, the quote stays above 21-day SMA for the first time in over three weeks amid bullish MACD.
Not only the sustained break of short-term SMA and MACD conditions that probe multi-day high but Ripple Chief’s reply to the US Securities and Exchange Commission (SEC) also favor the XRP/USD bulls.
Read: Ripple’s CEO addresses SEC’s allegations while XRP regains lost ground
However, a clear upside break of 100-day SMA, at 0.3560 now, becomes necessary for the Ripple buyers to keep the recent north-run while targeting the 0.4000 round-figure.
It should be noted that the mid-December 2020 low near 0.4375 and a falling trend line from November 24, currently around 0.5350, becomes the key upside hurdles to watch during any further rise past-0.4000.
Meanwhile, a downside break of 21-day SMA level of 0.3115 may revisit the early 2021 tops near 0.2500 ahead of teasing the 0.2000 psychological magnet.
In a case where the XRP/USD bears dominate past-0.2000 mark, lows printed during December and June of 2020, around 0.1700, will be an important support to follow.
Overall, the Ripple buyers are back to the game for cheering the overall run-up in cryptos. Though, cautious sentiment prevails amid mixed messages below the key SMA to challenge the immediate upside.
XRP/USD daily chart
Trend: Further upside expected
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.
