Ripple Price Analysis: XRP eases within a one-month falling channel
- XRP/USD consolidates losses below 200-bar SMA, wavers around the channel mid-point.
- Bearish MACD suggest, break of key SMA suggests further weakness.
- An upside break of channel can recall bulls targeting November top.
XRP/USD drops to 0.5170 during the early Tuesday’s trading. The crypto major dropped below 200-bar SMA the previous day before bouncing off 0.4980. The latest moves have been confined between 0.5100 and 0.5300 while bearish MACD suggests further weakness.
As a result, short-term XRP/USD sellers can eye support line of a descending trend channel formation established since November 26, at 0.4308 now, during the further downside. Though, the 0.5000 threshold may offer immediate support.
It should, however, be noted that the pair’s inability to bounce off 0.4308 may aim for the 0.4000 round-figure ahead of challenging the mid-November bottom surrounding 0.2640.
On the flip side, a clear break above 200-bar SMA, at 0.5462 now, needs to cross the one-week-old falling trend line resistance near 0.5600 before attacking the channel’s upper line around 0.6530.
If at all the XRP/USD bulls manage to cross 0.6530, 0.7500 can offer an intermediate halt during the north-run to the previous month’s peak, also the record high, near 0.7845.
XRP/USD four-hour chart
Trend: Sideways
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.
