XRP/USD marks a corrective pullback from the intraday low of 0.5503 while picking up bids near 0.5622 during early Wednesday. In doing so, the Ripple battles 21-day Simple Moving Average (SMA) amid bearish Moving Average Convergence Divergence (MACD) signals.
Not only the quote’s latest declines below 21-day SMA, sustained trading below 10-day SMA and a falling trend line from November 25 also lure XRP/USD bears.
However, fresh selling can wait for a clear downside past-0.5500 while targeting the monthly low of 0.5427.
In a case where the quote refreshes the monthly bottom, the 0.5000 round-figure and November 21 high near 0.4700 will gain the market’s attention.
Meanwhile, a daily closing beyond the 21-day SMA level of 0.5640 will need to break 10-day SMA and the stated resistance line, respectively around 0.6030 and 0.6100, to probe the month’s peak near 0.6820.
Though, XRP/USD bulls’ dominance past-0.6820 will enable them to challenge the record high, marked in November, surrounding 0.7840/45.
XRP/USD daily chart
Trend: Further weakness expected
Reprinted from FX Street. The copyright is reserved by the original author.
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