Ripple Price Analysis: XRP/USD bears stand ready, sell-off may continue towards $0.1700
- Ripple's XRP is vulnerable to new losses as long as it stays under $0.1900.
- The initial support is created by 23.6% Fibo retracement.
Ripple ha settled below $0.1900, which is a bearish signal for the coin in the short run. At the time of writing, XRP/USD is changing hands at $0.1880, mostly unchanged since the beginning of Tuesday, though it has regained some ground on a day-to-day basis. Ripple is now the third-largest digital asset with the current market value of $8.27 billion and an average daily trading volume of $2 billion.
XRP/USD: Technical picture
On a daily chart, XRP/USD is still moving below the upside-looking trendline (currently at $0.1940). A failure to get back above this barrier will weaken XRP's chances to get the recovery back on track and put the recovery from March 13 low at risk. Meanwhile, the psychological barrier $0.1900 is reinforced by daily SMA50, which means XRP bulls will have a hard time trying to claw back some ground.
A sustainable move above $0.1940-$0.1950 will open up the way to a psychological $0.2000. However, considering the lack of momentum and flat RSI a strong recovery looks unlikely at this stage.
On the downside, the critical support comes at $0.1800 (the middle line of the daily Bollinger Band). A decisive move below this area will open up the way to $0.1720-$0.1700 (4-hour SMA200 and 23.6% Fibo retracement for the downside move from February 2020 high) and $0.1600 ( the lower line of the daily Bollinger Band).
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
