Ripple (XRP/USD) sellers have returned this Sunday, as the recent recovery from sub-$0.50 levels appears to lose steam.
XRP/USD: Technical setup favours the bulls
However, from a technical perspective, it looks like the bulls have taken a breather before the bullish reversal picks up pace.
XRP/USD: 12-hour chart
Looking at the 12-hour chart, Ripple continues to face strong offers at the one-week-old descending trendline resistance, now at $0.6262.
Closing on the candle above that level could trigger a fresh breakout, with the bullish Relative Strength Index (RSI) favoring the move higher.
Although the follow-through buying interest could weaken at $0.6576, which is the critical resistance of the 61.8% Fibonacci Retracement of the pullback from the highest level since May 2018 reached at $0.7842 last Tuesday.
Acceptance above the latter is critical to reviving XRP/USD’s journey towards the $1 mark. Alternatively, the bullish 21-simple moving average (SMA) at $0.5226 is the level to beat for the bears. The next relevant downside target awaits at the 50-SMA of $0.3762.
All in all, the upside appears more compelling in the week ahead.
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