XRP/USD battles short-term rising trend line while trying not to refresh the intraday low of 0.6002, currently down over 12% near 0.6050, during the early Thursday.
The cryptocurrency major surged to the highest since May 10, 2018, before stepping back the previous day.
However, an upward sloping trend line from Sunday, currently around 0.5790, probes the bears.
However, Relative Strength Index (RSI) pullback from overbought conditions joins the first Moving Average Convergence Divergence (MACD) bearish signals in over a week indicate further downside of the quote.
As a result, XRP/USD sellers await a downside break of 0.5790 for fresh entries while targeting the 61.8% Fibonacci retracement of Nov 18-24 upside, near 0.4730.
Meanwhile, an immediate descending trend line from Tuesday’s multi-month peak, at 0.7075 now, limits the quote’s short-term upside ahead of challenging the 0.7826 landmark flashed earlier in the week.
Trend: Further consolidation expected.
Reprinted from FX Street. The copyright is reserved by the original author.
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