Tanya Abrosimova
Independent Analyst
- Ripple has recovered to the area above critical $0.2500.
- XRP/USD needs to regain ground above $0.26 to mitigate the bearish pressure.
Ripple’s XRP topped at $0.2586 during early Asian hours and retreated to $0.2525 by the time of writing. The downside correction stopped on approach to critical support area created by the lower boundary of the previous consolidation channel. XRP/USD has gained about 1% on a day-to-day basis and stayed unchanged since the beginning of the day.
Let's have a closer look at the technical picture for XRP/USD.
Looking technically, a sustainable move below $0.2500 will be interpreted as a strong bearish signal. This barrier limited the price decline since the beginning of October; once it is out of the way, the sell-off may continue with the first aim at $0.2400 (the recent low touched on November 18). This area will serve as a buffer that separates XRP from a deeper decline.
On the upside, we will need to see a sustainable move above $0.2600 as soon as possible to mitigate the bearish pressure and allow for an extended recovery towards the next barrier created by SMA100 (Simple Moving Average) daily at $0.2724. Once it is out of the way, the upside is likely to gain traction with the next focus on $0.2800. This psychological level is reinforced by SMA50 daily.
XRP/USD, daily chart
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