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Ripple Price Prediction: XRP targets $0.60 after crucial rebound

  • XRP/USD eases from intraday high, fades bounce off key support confluence.
  • Bearish MACD, weak RSI suggests sluggish moves but no harm to the corrective pullback.
  • 50-bar SMA, weekly resistance line guard immediate upside.

Ripple consolidates recent gains while witnessing a pullback from the day’s high of $0.5305 to currently down 1.25% near $0.5130 during early Wednesday. It’s worth mentioning that the latest weakness accompanies downbeat MACD and RSI conditions.

Even so, the XRP/USD prices keep the previous day’s recovery moves from $0.4880-40 support confluence comprising 100-bar SMA and an ascending support line from February 02.

As a result, XRP/USD buyers should stay hopeful to clear the immediate hurdles marked by 50-bar SMA and a downward sloping trend line from Sunday, respectively around $0.5460 and $0.5600.

During the quote’s run-up beyond the $0.5600 resistance, the monthly falling trend line near $0.6150 will lure the bulls.

Meanwhile, a downside break of $0.4880-40 support-zone will not hesitate to attack the $0.4000 threshold before directing XRP/USD sellers toward the monthly low of $3405.

XRP/USD four-hour chart

Trend: Further recovery expected

Additional important levels

Overview
Today last price0.5122
Today Daily Change-77 pips
Today Daily Change %-1.48%
Today daily open0.5199
 
Trends
Daily SMA200.4632
Daily SMA500.3473
Daily SMA1000.406
Daily SMA2000.333
 
Levels
Previous Daily High0.5803
Previous Daily Low0.4819
Previous Weekly High0.6247
Previous Weekly Low0.3911
Previous Monthly High0.5167
Previous Monthly Low0.2109
Daily Fibonacci 38.2%0.5195
Daily Fibonacci 61.8%0.5427
Daily Pivot Point S10.4745
Daily Pivot Point S20.429
Daily Pivot Point S30.3761
Daily Pivot Point R10.5728
Daily Pivot Point R20.6258
Daily Pivot Point R30.6712

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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