- XRP/USD trims the previous day’s losses, trying to snap two-week downtrend.
- Upbeat RSI, bullish MACD favors bull cross on the weekly chart to keep ripple buyers hopeful.
- $0.2900 will be the tough nut to crack for sellers during further downside.
XRP/USD picks up bids near $0.4350 while trying to reverse the previous day’s losses during early Wednesday. In doing so, the altcoin also stays indecisive after the two consecutive weeks of losses.
However, an upswing of 50-week SMA over 100-week SMA, known as a bull cross, backed by the upside RSI and MACD signals favor the ripple buyers.
As a result, the cryptocurrency pair’s run-up towards the $0.4700 and the $0.5000 threshold can be expected as short-term moves.
Though, the $0.6400 will be strong resistance for the XRP/USD bulls to crack before eyeing the fresh multi-month top above $0.7800.
Alternatively, a monthly support line near $0.3730 restricts the quote’s further downside ahead of highlighting 50-week and 100-week SMA levels, respectively around $0.2950 and $0.2900.
Overall, ripple is up for a fresh rally to the north given the fundamentals don’t flash any surprises.
XRP/USD weekly chart
Trend: Further upside expected
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?