Ripple Price Analysis: Why this trendline resistance must come down

• Ripple’s technical levels remain bullish despite the rejection at $0.23.
• The 50-day SMA support must continue to hold for XRP bulls to forge action towards $0.25 and $0.30.

Ripple reacted incredibly well to the bullish action on Monday mainly driven by the launch of XRP perpetual futures contract on the Binance Futures platform. Besides reclaiming the position above $0.20, XRP broke more barriers towards $0.23. However, a weekly high formed around $0.25, putting a stop to the bulls’ field day.

At the time of writing, XRP is doddering at $0.2139 and holding on to the support provided by the 50-day SMA. The digital asset is slightly in the green considering that the session on Wednesday commenced at $0.2137.

However, as highlighted by the cryptocurrency live rates table, the strong bearish trend is likely to force XRP towards the initial support at $0.21. Similarly, the immediate upside is capped by the descending trendline, which must come down to pave the way for gains above the 100-day SMA at $0.25.

Looking at the MACD, Ripple bulls’ focus on $0.30 could still hold water. In other words, MACD features a strong bullish and could eventually cross into the positive territory. For now, the bulls must work hard to defend the support at $0.21 and push for gains above $0.25.

Read more: Cryptocurrency Market Update: Bitcoin jumps towards $8,500, Ethereum and Ripple remain bullish

XRP/USD daily chart