XRP heads again in direction of $0.50 as charts lean bearish

Ripple’s (XRP/USD) comeback from three-day lows seems to have misplaced traction on Saturday, as technical charts flip in favor of the bears within the near-term.

XRP/USD: Brief-term technical outlook

XRP/USD: Hourly chart

Ripple wavers in a rising wedge formation on the hourly chart, eyeing a bearish breakdown. A rising wedge is a bearish continuation sample, with an hourly shut beneath the rising trendline help of 0.5431 wanted to validate the formation.

The Relative Power Index (RSI) has turned south and breaches the midline, suggesting that the bears again in management. Additional, the bearish crossover provides credence to the bearish shift within the sentiment across the price. In early dealings, the 50-hourly transferring common (HMA) pierced the 21-HMA from above, triggering the pullback.

To the draw back, 50-HMA help at 0.5360 may supply some short-term reprieve to the bulls. In the meantime, the 200-HMA cushion at 0.5062 is the extent to beat for the bears.

Alternatively, a highly effective upside barrier awaits at 0.6005, the confluence of the 100-HMA and rising trendline resistance. A sustained break above the latter is crucial to reviving the restoration momentum.

XRP/USD: 4-hour chart

Trying on the four-hour chart, the bearish 21-simple transferring common (SMA), now at 0.5798, is capping the restoration in XRP/USD. Observe that the spot hasn’t closed above the 21-SMA since early Thursday.

Due to this fact, the bulls want a convincing break above that key barrier, with a view to lengthen Friday’s comeback. The subsequent related goal is seen at 0.6000. On the flip aspect, the upward-sloping 50-SMA at 0.5110 may supply help. Additional south, the ten-day-old ascending trendline help at 0.4961 may very well be put in danger.

The RSI has flipped into bearish territory, presently buying and selling at 49.68, backing the case for the draw back.

XRP/USD: Extra ranges to think about