- XRP/USD extends weekend pullback as bears battle short-term key help line.
- Downbeat RSI, U-turn from 38.2% Fibonacci retracement of late December to early February favors sellers.
- Bulls have to cross $0.5830 to retake controls.
Ripple bears return to the desk after a miss in crossing the $0.5500 hurdle, at the moment down 2.94% to $0.5030, throughout early Monday. In doing so, the altcoin sellers assault the earlier key resistance line from February 01 amid downbeat RSI.
Given the XRP/USD sellers’ current dominance, a transparent break of the said help line, earlier resistance, close to $0.5050 appears imminent, which in flip may recall the $0.5000 threshold on the chart.
Nevertheless, a confluence of 21-day SMA and 50% Fibonacci retracement degree, at the moment round $0.4650, may problem the XRP/USD bears afterward.
Alternatively, a bounce off the close by help line, at $0.5050, should cross the $0.5500 resistance earlier than eyeing the late February tops close to $0.5800.
In a case the place the XRP/USD beneficial properties past-$0.5800, the $0.6000 round-figure and February 22 prime surrounding $0.6500 will lure the bulls.
XRP/USD day by day chart
Development: Additional weak point anticipated