• Ripple has retreated from the recent high reached don Wednesday.
  • XRP/USD needs to regain ground above $0.22 to mitigate the bearish pressure.

Ripple's XRP hit $0.2263 on Wednesday amid strong rally on the cryptocurrency market. However, the upside momentum proved to be unsustainable as the coin retreated below $0.2200 and tested $0.2124 low during early Asian hours. At the time of writing, XRP/USD is changing hands at $0.2168, with nearly 1% of gains on a day-to-day basis.

Technical picture for XRP/USD.

Looking technically, a sustainable move above $0.2200-$0.2230 area is still needed to mitigate the bearish sentiments. However, a confluence of technical indicators, including SMA50 (Simple Moving Average) on 1-hour and 4-hour charts and the upper line of 1-hour Bollinger Band, will make it harder to push through the resistance area.  Once it is out of the way, the recovery may be extended towards  $0.2300 reinforced by SMA100 4-hour. 

On the downside, strong support is created by $0.2100. The lower line of 4-hour Bollinger Band and the recent low (December 4) might serve as a buffer for the time being. A sustainable move below this handle will increase the bearish pressure and result in an extended sell-off towards November 25 low at $0.2014.

XRP/USD, 1-hour 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.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Biden's win of the US presidential election could have different effects on Bitcoin and DeFi

The presidential elections in the United States are just around the corner. While it is still hard to tell for sure who will secure the place in an Oval Cabinet, the most recent poll results show that Joe Biden, the Democratic presidential nominee, is leading the race. 

More Cryptocurrencies News

XTZ aiming for a 10% price jump if key support is defended

The past week for Tezos hasn’t been great, the digital asset lost around $300 million in market capitalization as Bitcoin continues gaining dominance over the market.

More Tezos News

TRX ready for a major price explosion according to indicators

Tron has been trading inside a tight range from $0.028 to $0.0239 for the past three weeks without a clear direction. Several indicators show that TRX is on the verge of a massive breakout, but in which direction?

More Tron News

Bitcoin leads the pack aiming for new yearly highs

The cryptocurrency market is slugging in recovery, accept for Bitcoin. Intense pressure continues to build on critical levels for major cryptocurrencies. 

More Bitcoin News


Bitcoin: BTC ready to escape from the range; bulls have $12,000 in mind

Bitcoin has been gaining ground amid positive fundamental developments. The flagship cryptocurrency is ready to break free from its current range and proceed with the recovery towards $12,000. 

Read the weekly forecast