Tanya Abrosimova
Independent Analyst
- XRP/USD is under selling pressure after a failed attempt to move above $0.2000.
- The critical support is created by $0.1900.
XRP/USD tested the intraday high at $0.2012 and retreated back below $0.2000. At the time of writing, XRP/USD is changing hands at $0.1970; the short-term bias remains bearish. The price of the third-largest digital asset has barely changed since the start of the day and in the recent 24 hours.
XRP/USD: Technical picture
On the intraday charts, XRP's recovery is limited by 1-hour SMA200 (currently at $0.2011). A sustainable move this area will improve the technical picture, however, we will need to see a follow-through towards $0.2030 for the recovery to gain traction. This resistance is reinforced by 38.2% Fibo retracement for the downside move from February 2020 high, also, it has been limiting the recovery since the beginning of May. A sustainable move above this area will allow for an extended upside towards $0.2060 that served as an upper line of the recent consolidation channel.
On the downside, the dropped below daily SMA50, 1-hour SMA50 and SMA100 at $0.1990. The next focus is on the intraday low of $0.1966. If it is broken, the sell-off may be extended towards $0.1920 and $0.1900-$0.1890 (psychological level and the lower line of the daily Bollinger Band)
XRP/USD 1-hour chart
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