XRP/USD drops to $0.5270 while extending the previous day’s pullback to early Friday. The altcoin’s latest weakness could be traced from its repeated failures to cross 10-day SMA as well as the first bearish MACD signal since early January.
This keeps the ripple sellers hopeful. However, an upward sloping trend line from the initial February, close to $0.5100, restricts the quote’s immediate downside.
As a result, the XRP/USD bears should look for entry below $0.5100 for a fresh downswing targeting the January 07 high near $0.3700. Though, the monthly low near $0.3400 can challenge the sellers afterward.
Meanwhile, an upside clearance of 10-day SMA, at $0.5530 now, will have to cross the downward sloping trend line from February 01, currently around $0.5950, to recall the XRP/USD buyers.
This keeps the ripple sellers hopeful. However, an upward sloping trend line from the initial February, close to $0.5100, restricts the quote’s immediate downside.
As a result, the XRP/USD bears should look for entry below $0.5100 for a fresh downswing targeting the January 07 high near $0.3700. Though, the monthly low near $0.3400 can challenge the sellers afterward.
Meanwhile, an upside clearance of 10-day SMA, at $0.5530 now, will have to cross the downward sloping trend line from February 01, currently around $0.5950, to recall the XRP/USD buyers.
