- XRP/USD keeps corrective pullback from 100-day SMA, previous resistance.
- Bullish MACD, sustained recovery direct buyers toward the key Fibonacci retracement levels.
- Sellers have yearly support line as an extra barrier to cross for entry.
XRP/USD picks up the bids around 0.3965 during early Thursday. The cryptocurrency pair marked a reversal from 100-day SMA and a six-week-old support line, previous resistance, the previous day.
The recovery moves also gain support from bullish MACD and strong RSI conditions to suggest further upside.
In doing so, 50% and 61.8% Fibonacci retracement levels of November-December 2020 downside, respectively around 0.4780 and 0.5500, gain the market’s attention.
Also acting as an upside barrier is the weekend’s high around 0.5170 and December 17, 2020 peak surrounding 0.6580.
Meanwhile, a downside break of 100-day SMA, at 0.3715 now, will have to drop below the previous resistance line, currently around 0.3430, to revisit the sub-0.3000 area.
However, an upward sloping trend line from December 29 near 0.2600 will be a tough nut to break for the XRP/USD bears, which also holds the key to the 0.2000 threshold and December low of 0.1719.
XRP/USD daily chart
Trend: Bullish
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.
Latest Crypto News & Analysis
Editors’ Picks
Ethereum price on cusp of massive breakout if key level holds
Ethereum price had a significant 23% correction in the past week but holds above a key support level on the 12-hour chart. The digital asset still has robust on-chain metrics supporting it and aims for a rebound.
VeChain consolidates as clear trend fails to establish
VeChain price has been on a tear since the start of 2020 and shows no sign of slowing down despite the recent market crash. Now, VET awaits a volatile breakout from its consolidation to establish a clear trend.
Chainlink could be the first to recover amid market crash
-637336005550289133_XtraSmall.jpg)
Chainlink, like the rest of the market, has experienced a significant correction in the past four days However, the digital asset continues to hold above a crucial support level and on-chain metrics show it could be one of the strongest during this correction.
Cardano on-chain metrics reveal paradigm shift in nature of investors
Cardano price shows the loss of momentum from the buyers’ end, which has resulted in a breakdown of a critical support level. Now, a continuation of this momentum could ensue as blockchain data reveals a grim future for ADA.
Bitcoin Weekly Forecast: Institutional wave of BTC adoption follows new all-time highs
Bitcoin price hitting a new all-time high and Coinbase’s direct listing are perhaps two of the most important developments surrounding the pioneer cryptocurrency over the past week.