Ripple Price Analysis: XRP/USD eases inside short-term rising channel
- XRP/USD steps back from intraday high while keeping the upside break of one-week-old falling trend line.
- The 0.7400 round-figure can again probe the bulls, sellers have multiple filters to the downside before November 26 low.
XRP/USD drops to 0.6550 while stepping back from the latest high of 0.6767 during the early Tuesday. In doing so, the crypto major fades upside momentum inside a bullish chart pattern.
However, bullish MACD and sustained break of a falling trend line from November 24 keep the Ripple buyers hopeful towards again confronting the 0.7400 threshold.
Though, November 24 high near 0.7485 and the previous month’s peak surrounding 0.7845 can challenge the XRP/USD bulls afterward.
Alternatively, the downside break of the channel’s support, currently around 0.6220, will fetch the quote back to the previous resistance line, now support, near 0.5535/40.
Also acting as a downside filter could be last Tuesday’s low near 0.4580 that holds the key to Ripple’s further declines towards the sub-0.4000 area.
XRP/USD four-hour chart
Trend: Bullish
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.
