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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.
Ripple Price Analysis: XRP/USD consolidates recent gains below 0.50 but bulls keep the reins
Anil PanchalAnil PanchalFXStreet

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

Additional important levels

Overview
Today last price0.4712
Today Daily Change-0.0244
Today Daily Change %-4.92%
Today daily open0.4956
 
Trends
Daily SMA200.2984
Daily SMA500.3327
Daily SMA1000.3676
Daily SMA2000.3112
 
Levels
Previous Daily High0.51
Previous Daily Low0.3878
Previous Weekly High0.317
Previous Weekly Low0.244
Previous Monthly High0.5167
Previous Monthly Low0.2109
Daily Fibonacci 38.2%0.4633
Daily Fibonacci 61.8%0.4344
Daily Pivot Point S10.4189
Daily Pivot Point S20.3422
Daily Pivot Point S30.2967
Daily Pivot Point R10.5411
Daily Pivot Point R20.5866
Daily Pivot Point R30.6633

Author

Anil Panchal

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.

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