- XRP/USD retreats from the recent high, still above $0.2000.
- Bitcoin and Ethereum fail to follow the lead.
XRP/USD increased by 4% in a matter of minutes. The coin hit $0.2069 and retreated to $0.2047 by press time. A strong move above the psychological $0.2000 increased the bullish pressure and helped the coin to reach the highest level since March 12. Notably, Bitcoin and other major altcoins failed to develop a strong upside momentum and stayed sidelined inside the recent ranges.
Considering an RSI reversal from an overbought territory on a 1-hour chart, the coin may be in for a short-term downside correction with the first support at $0.2030 with the upper line of the 1-hour Bollinger Band.
If XRP/USD settles above $0.2000-$0.2030 area reinforced by 23.6% Fibo retracement for the downside move from February 2020 high, the recovery will gain traction with the next focus on daily SMA100 at $0.2170.
XRP/USD 1-hour chart
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