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