Ripple Price Analysis: XRP consolidates break of monthly support line but bears can stay hopeful
- XRP/USD keeps bounce off one-week low to regain 0.2500.
- Sustained break of previous support, trading below key SMA and 13-day-old resistance line favor bears.
- Bulls will have to cross 200-day SMA to retake controls.
XRP/USD nurses the previous day’s losses while picking up bids near 0.2520 during early Thursday. Even so, the ripple pair remains vulnerable for further downside as it keeps the break of a one-month-old support line.
Also favoring altcoin sellers is the sustained trading below 200-day SMA and a falling trend line from January 10.
As a result, the latest corrective pullback becomes less serious below 0.2555, comprising the earlier support line.
Even if the quote manages to cross 0.2555, a short-term resistance line near 0.2915 and 200-day SMA around 0.3080 will challenge the XRP/USD bulls. In a case where the pair cryptocurrency pair rises beyond 0.3080, the monthly top near 0.3685 will gain the market’s attention.
On the contrary, January 22 low near 0.2400 and the monthly bottom near the 0.2100 round-figure can lure the short-term XRP/USD sellers.
It should, however, be noted that the 0.2000 psychological magnet and lows marked during October 2020 and December 2020, around 0.1700, will be the key to watch following the XRP/USD drop below 0.2100.
XRP/USD daily 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.
