Ripple Price Forecast: XRP sellers eye $0.4300 amid sustained trading below key upside hurdles
- XRP/USD snaps two-day winning streak, eases towards intraday low off-late.
- Failures to cross 200-SMA, three-week-old resistance line favor sellers.
- Ascending trend line from February 23 lures bears, 1.5-month-long falling resistance line adds to the upside filters.
Ripple sellers look set to retake the controls while flashing 0.50% intraday loss, currently around $0.4674, to tease the intraday low of $0.4667 during early Thursday. In doing so, the altcoin drops for the first time in a week while justifying the failures to cross immediate resistances.
Not only the pullback from 200-SMA and three-week-old resistance but successful trading below a downward sloping trend line from February 01 also favor XRP/USD bears.
As a result, the lower line of the short-term ascending triangle formation, around $0.4300 seems to lure the XRP/USD sellers for now.
However, a clear downside break of the same may not hesitate to challenge an ascending trend line from February 02, currently around $0.3900.
On the flip side, a clear break of the stated SMA and immediate resistance line, around $0.4855-75 needs to cross a bit longer falling trend line, at $0.5295 now, to recall the XRP/USD bulls.
Overall, XRP/USD is likely to witness further downside but the bears should remain cautious until witnessing sustained trading below $0.4300.
XRP/USD four-hour 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.
