Ripple price analysis: XRP/USD sidelined at $0.83 after a volatile week
|- Ripple has recovered from flash crash to trade above $0.83.
- The key short-term support zone is seen at $0.80
Ripple regained $0.83 handle, which represents 50% Fibo retracement of the last decline from $1.200 to $0.4596. This is a positive development that implies further recovery towards $0.85 (100-SMA, hourly chart).
XRP/USD has been pretty volatile lately without clear reasons that might have helped to explain the movements. From the technical point of view, 61.8% Fibo retracement at $0.9170 and $0.92 handle effectively caps the recovery. A sustainable move above this area will unleash the bullish potential of the coin with the next critical target at $1.00.
On the downside, $0.80 is views as the key support for XRP/USD. As long as the price stays above this level, the mid-term momentum is bullish, while a clear break below will trigger the sell-off towards $0.74 (38.2% Fibo) and $0.70.
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