Ripple price analysis: XRP/USD clinches to $0.2500 for dear life
|- Ripple has recovered to the area above critical $0.2500.
- XRP/USD needs to regain ground above $0.26 to mitigate the bearish pressure.
Ripple’s XRP topped at $0.2586 during early Asian hours and retreated to $0.2525 by the time of writing. The downside correction stopped on approach to critical support area created by the lower boundary of the previous consolidation channel. XRP/USD has gained about 1% on a day-to-day basis and stayed unchanged since the beginning of the day.
Let's have a closer look at the technical picture for XRP/USD.
Looking technically, a sustainable move below $0.2500 will be interpreted as a strong bearish signal. This barrier limited the price decline since the beginning of October; once it is out of the way, the sell-off may continue with the first aim at $0.2400 (the recent low touched on November 18). This area will serve as a buffer that separates XRP from a deeper decline.
On the upside, we will need to see a sustainable move above $0.2600 as soon as possible to mitigate the bearish pressure and allow for an extended recovery towards the next barrier created by SMA100 (Simple Moving Average) daily at $0.2724. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2800. This psychological level is reinforced by SMA50 daily.
XRP/USD, daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.