Ripple Price Analysis: XRP/USD consolidates recent gains below 0.50 but bulls keep the reins
- XRP/USD eases from six-week top flashed during the weekend.
- Lower high, overbought RSI suggests further retracement, descending trend line from November limits short-term downside.
XRP/USD drops to 0.4605, currently around 0.4705, during the latest downtick during early Monday. In doing so, the altcoin prints the third day of lower high amid overbought RSI conditions.
As a result, intraday ripple bears are likely cheering the retracement that targets the previous resistance line from November 24, currently around 0.4100.
Also acting as the downside filters are 100-day and 50-day SMA, respectively around 0.3700 and 0.3370.
Meanwhile, an upside clearance of the recent high of 0.5167, also the highest since December 22, will recall the XRP/USD buyers targeting December tops surrounding 0.6580.
During the quote’s run-up beyond 0.6580, the 0.7000 threshold and November’s high of 0.7842 will be the key to watch.
Overall, XRP/USD remains in an uptrend backed by the latest trend line breakout but short-term pullback can’t be ruled out.
XRP/USD daily chart
Trend: Pullback expected
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.
