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- XRP / USD cut losses from their highest since May 2018, marked Wednesday.
- Bears are not off the table like RSI, MACD flashes red signals for price strength.
- The key Fibonacci retracements may please sellers during a further downside, the bulls may need to refresh the multi-month high.
XRP / USD fights the short-term uptrend line as it tries not to refresh the intraday low of 0.5803, currently down more than 12% near 0.6050, during the start of Thursday.
The cryptocurrency has risen to a maximum since May 10, 2018, before rolling back the previous day. However, an uptrend line since Sunday, currently around 0.5790, is probing the bears.
However, the pullback of the RSI from overbought conditions joins the first bearish signals of the MACD in over a week, indicating a further downside in the price.
As a result, XRP / USD sellers expect a break-down of 0.5790 for new entry as they aim for the 61.8% Fibonacci retracement of November 18-24 to the upside, near 0.4730.
Meanwhile, an immediate downtrend line from Tuesday’s multi-year peak of 0.7075 now limits the short-term upside before challenging the 0.7826 benchmark flashed earlier in the week.
Four-hour XRP / USD chart
Trend: further consolidation is expected
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