XRP moves back towards $ 0.50 as the charts are down

Ripple’s (XRP / USD) return from three-day lows appears to have lost traction on Saturday, as technical charts turn in favor of bears in the near term.

XRP / USD: short-term technical outlook

XRP / USD: hourly chart

Ripple fluctuates in a rising wedge formation on the hourly chart, observing a bearish breakdown. An ascending wedge is a bearish continuation pattern, with an hourly close below the rising trendline support of 0.5431 needed to validate the formation.

The Relative Strength Index (RSI) veered south and broke through the midline, suggesting that the bears are returning to control. Furthermore, the bearish crossover adds credibility to the bearish shift in sentiment around the price. In early trades, the 50-hour moving average (HMA) pierced the 21-HMA from above, triggering the pullback.

To the downside, the 50 HMA support at 0.5360 could offer a temporary respite for the bulls. Meanwhile, the 200 HMA cushioning at 0.5062 is the level to beat for the bears.

Alternatively, a powerful bullish barrier awaits at 0.6005, the confluence of the 100-HMA and the rising resistance of the trend line. A prolonged break above the latter is essential to revive the recovery momentum.

XRP / USD: four hour chart

Looking at the 4-hour chart, the simple 21st moving average (SMA), now at 0.5798, is limiting the recovery in XRP / USD. Note that the spot has not closed above the 21 SMA since the beginning of Thursday.

Therefore, the bulls need a convincing break above that key barrier in order to extend Friday’s comeback. The next relevant target is seen at 0.6000. On the flip side, the 50-SMA sloping up at 0.5110 could offer support. Further south, the support of the ten-day uptrend line at 0.4961 could be jeopardized.

The RSI has flipped into bearish territory, currently trading at 49.68, supporting the case of the downside.

XRP / USD: additional tiers to consider