Ripple Price Analysis: XRP fades biggest rally in three weeks as bulls battle 21-day SMA
- XRP/USD keeps buyers hopeful with a latest bounce off 0.5582.
- Sustained break of 17-day-old falling trend line also favors the bulls.
- 50-day SMA adds downside filters below the previous resistance line.
XRP/USD picks up the bids near 0.5660 during early Thursday. In doing so, the pair cheers its upside break of a key resistance while attacking the 21-day SMA to extend the rise.
Considering the receding strength of the MACD bearish histogram, coupled with a clear break of a falling trend line from November 24, XRP/USD buyers are likely to keep the reins.
In doing so, highs marked during the early month, around 0.6290 and 0.6820, will become their targets.
However, the 0.7000 psychological magnet and the record high of 0.7842, flashed in November, can challenge further upside.
Meanwhile, a pullback from 0.5755, comprising 21-day SMA, will eye the previous resistance line, at 0.5210, before revisiting the 50-day SMA near 0.4300.
Overall, the XRP/USD prices have defied consolidation from the record high and are likely heading north for the fresh top.
XRP/USD daily chart
Trend: Bullish
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.
