- Ripple picks up bids after snapping a four-day winning streak.
- Successful break of five-week-old resistance, trading beyond 50-day SMA and an ascending trend line from January 27 back bulls.
- Sellers should look for entries below $0.4300, buyers may wait for fresh monthly high.
XRP/USD fails to keep the sellers on board, despite recent declines, as the quote firms up around mid-$0.4600s during early Thursday. The altcoin took a U-turn from a two-week-old resistance line the previous day but couldn’t extend the losses to even the nearest support, namely the 50-day SMA.
Also favoring ripple buyers could be the XRP/USD trading above a six-week-long support line and a clear run-up beyond the previous resistance line from February 01, not to forget the receding bearish bias of the MACD.
That said, the XRP/USD bulls currently eye the monthly top near $0.4950 ahead of the targeting the $0.5000 threshold.
During the quote’s sustained run-up past-$0.5000, $0.5830 and the mid-February tops near $0.6430 should be watched before the previous month’s top of $0.7564.
Should XRP/USD stays weak below the stated resistance line, currently around $0.4900, sellers can keep a 50-day SMA level of $0.4390 on the radar.
Though, a confluence of previous resistance and an ascending trend line from late January, currently around $0.4300, will be a tough nut to crack for the XRP/USD bears.
Overall, ripple buyers hold the reins but look for conviction before flashing notable gains.
XRP/USD daily chart