Ripple Price Analysis: XRP sellers eye confirmation of double top on 4H

XRP/USD drops below 200-bar EMA after forming double tops around 0.3700.
Sellers await confirmation of bearish chart pattern, two-week-old support line adds to the downside filters.

Having failed to cross Friday’s high around 0.3700, XRP/USD drops to 0.3045 during early Monday’s trading. In doing so, the quote portrays a bearish “double top” chart pattern on the four-hour (4H) chart.

With the downward sloping RSI and bearish MACD, coupled with the failures to clear immediate upside hurdles, XRP/USD is likely to remain pressured.

However, fresh selling should wait for the clear downside break of horizontal support around 0.2840. Also acting as short-term key support is the rising trend line from December 29, at 0.2520 now.

Meanwhile, corrective pullback beyond 0.3700 will be considered afresh invitation to XRP/USD bulls targeting the mid-December 2020 low near 0.4375.

In a case where the XRP/USD buyers manage to cross 0.4375, their run-up to challenge May 2018 high, probed in November 2020 can’t be ruled out.

To sum up, the XRP/USD prices are witnessing fresh selling pressure but the hopes of a recovery moves to trim late-December 2020 losses haven’t faded yet.

XRP/USD four-hour chart

trend: Further weakness expected

Additional important levels

Overview
Today last price	0.3061
Today Daily Change	-0.0090
Today Daily Change %	-2.86%
Today daily open	0.3151

Trends
Daily SMA20	0.276
Daily SMA50	0.4554
Daily SMA100	0.3573
Daily SMA200	0.2996

Levels
Previous Daily High	0.3685
Previous Daily Low	0.2862
Previous Weekly High	0.3703
Previous Weekly Low	0.2152
Previous Monthly High	0.6817
Previous Monthly Low	0.1719
Daily Fibonacci 38.2%	0.3176
Daily Fibonacci 61.8%	0.337
Daily Pivot Point S1	0.278
Daily Pivot Point S2	0.2409
Daily Pivot Point S3	0.1957
Daily Pivot Point R1	0.3604
Daily Pivot Point R2	0.4056
Daily Pivot Point R3	0.4427

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