Tanya Abrosimova
Independent Analyst
- XRP/USD needs to get above $0.56 for an extended recovery.
- The coin is strongly overbought from the short-term perspective.
XRP/USD is poking at $0.5000 at the time of writing. The third largest coin by market value has been growing strongly during Asian hours amid improving sentiments of the cryptocurrency market. XRP seems to have broken away from its correlation with Bitcoin as BTC remains rangebound above $6,600 handle. XRP/BTC has also gained over 5%.
XRP/USD is up 9.5% on a daily basis and 3.5% higher since the beginning of Tuesday, however, from the technical point of view, the price has reached a critical resistance, where new short-term sellers are likely to appear. It the upside momentum fails to gather pace from here, XRP will be vulnerable to another wave of selling orders. From the longer-term perspective, the ultimate resistance comes at $0.5600, which is 78.6% Fibo retracement. The bulls need to clear it before they get a glimmer of hope for an extended recovery towards $0.60 and $0.6470, which is the next Fibo level.
From the short-term point of view, XRP/USD is strongly overbought, which means there is a high probability of the downside correction with the ultimate near-term support created by $0.50 and $0.49 ()15-min 50-SMA).
XRP/USD, the daily chart
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