- XRP/USD fails to extend Tuesday’s recovery moves, remains sideways inside short-term triangle.
- MACD eases bearish bias but 200-bar SMA joins triangle resistance to challenge bulls.
- Sellers may eye December lows on triangle breakdown.
XRP/USD drops to 0.2875 during early Wednesday. In doing so, the ripple pair defies recovery hopes, triggered the previous day, while funneling down a symmetrical triangle established since December 25.
Despite failures to regain upside momentum, MACD signals ease bearish bias while the RSI conditions are also normal, which in turn suggest a slow grind to the north.
However, 200-bar SMA adds strength to the triangle’s resistance, currently around 0.3670, to challenge XRP/USD bulls. Also acting as an immediate upside filter is the December 25 top near 0.3850.
It should be noted that the quote’s ability to jump past-0.3850 will enable it to challenge the mid-December low near 0.4380.
Alternatively, a downside break of the triangle’s support, at 0.2673 now, may direct XRP/USD sellers towards the 0.2100 threshold ahead of highlighting the 0.2000 round-figure.
In a case where the crypto pair remains depressed past-0.2000, December’s low around 0.1720 will be the key to watch.
XRP/USD four-hour chart
Additional important levels
|Today last price||0.2872|
|Today Daily Change||-0.0053|
|Today Daily Change %||-1.81%|
|Today daily open||0.2925|
|Previous Daily High||0.3101|
|Previous Daily Low||0.2775|
|Previous Weekly High||0.3703|
|Previous Weekly Low||0.2152|
|Previous Monthly High||0.6817|
|Previous Monthly Low||0.1719|
|Daily Fibonacci 38.2%||0.2977|
|Daily Fibonacci 61.8%||0.29|
|Daily Pivot Point S1||0.2767|
|Daily Pivot Point S2||0.2608|
|Daily Pivot Point S3||0.244|
|Daily Pivot Point R1||0.3093|
|Daily Pivot Point R2||0.326|
|Daily Pivot Point R3||0.3419|
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.