Ripple (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 Moving Average Convergence Divergence (MACD) and sustained break of a falling trend line from Nov 24 keep the Ripple buyers hopeful towards again confronting the 0.7400 threshold.
Though, Nov 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
Reprinted from FX Street. The copyright is reserved by the original author.
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