Ripple Price Analysis: XRP buyers confront short-term key SMA to regain 0.2700
- XRP/USD takes the bids to refresh intraday high.
- Strong RSI favor further upside beyond 200-bar SMA immediate hurdle.
- Multiple resistance lines stand tall to challenge bulls.
XRP/USD rises to 0.2717 amid early Friday’s trading session. In doing so, the altcoin refreshes intraday top while extending the recovery moves from a swing low of 0.2440 marked on Wednesday.
Considering the strong RSI conditions, XRP/USD is expected to stay above the 200-bar SMA level of 0.2710. Though, a downward sloping trend line from January 10, at 0.2870 now, will challenge the buyers afterward.
In a case where the XRP/USD prices rise beyond 0.2870, the upside momentum can accelerate towards another key resistance line, from December 25, which is currently around 0.3475. During the rise, the quote may catch a breather around the 0.3000 threshold.
Alternatively, the cryptocurrency pair’s pullback moves may eye the 0.2600 round-figure as immediate support ahead of targeting the weekly bottom surrounding 0.2440.
Should the XRP/USD bears dominate past-0.2440, January 22 low near 0.2400 adds to the downside filters before highlighting the 0.2000 psychological magnet for the market.
Overall, the XRP/USD prices are likely to remain depressed unless crossing 0.3475.
XRP/USD four-hour 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.
