Ripple Price Analysis: XRP/USD teases bears inside short-term triangle
- XRP/USD snaps two-day winning streak while battling 10-day SMA.
- Bearish MACD, sustained failures to break the triangle keep sellers hopeful.
XRP/USD drops to 0.6151, down 1.20% intraday, during early Monday’s trading. In doing so, the crypto major fades the previous two days’ recovery moves inside a two-week-old symmetrical triangle.
Additionally, MACD also flashes the bearish signals while the quote re-tests 10-day SMA.
Thus, XRP/USD sellers eyeing the month-start low of 0.5788 become active while the support line of the stated triangle, at 0.5662 now, could challenge the bears afterward.
It should also be noted that a 21-day SMA level of 0.5392 offers an extra downside filter past-0.5662.
Meanwhile, an upside clearance of the triangle’s resistance line, currently around 0.6430, can probe the monthly high close to 0.6815.
In a case where the XRP/USD bulls keep the reins past-0.6815, the all-time peak, marked in late-November near 0.7845, should gain market attention.
XRP/USD daily chart
Trend: Further weakness 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.
