Tanya Abrosimova
Independent Analyst
- XRP/USD has recovered strongly after a period of consolidation.
- The bulls' momentum may be reversed if the price dips below $0.4300.
XRP/USD spiked to $0.4540 in a matter of minutes after a slow start on Monday. Currently, XRP/USD is changing hands at $0.4420, gaining over 2% on a day-on-day basis. Cryptocurrency market seems to have woken up after the sleepy weekend as all major coins are growing actively with no fundamental reasons readily available to explain the strong bullish movement accompanied by volatility spike.
While the unexpected bullish assault seems to be short-lived, XRP/USD managed to smash several stiff resistance levels on the way up. If the price settles above $0.43, which is the upper border of the weekend channel, the technical picture will improve, implying further recovery towards Pivot Point weekly, Support 2 on approach to $0.4350 followed by 61.8% Fibo retracement under $0.4500.
Otherwise, the sell-off may gain traction, taking XRP back to the psychological $0.4200 strengthened by a combination of SMA100 and SMA200 15-min. The next support is created by $0.4100 followed by a congestion zone $0.4070. Once this hurdle is out of the way, the sell-off may continue towards critical $0.4000.
-636751801314107515.png)
Get 24/7 Crypto updates in our social media channels: Give us a follow at FXStreet Crypto Trading Telegram channel
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Kyber exploiter asks for complete control of all assets after nearly $50 million exploit
Kyber network exploiter drained the protocol’s liquidity pools of nearly $50 million on November 22. The team behind Kyber managed to recover $4.67 million and communicated with the exploiter for the remainder of assets.
FTX token FTT jumps 8% as exchange wins approval to start selling $744 Million in Grayscale and Bitwise assets
FTX token (FTT) has jumped 8% following news that a US bankruptcy court of Delaware has allowed the now-defunct cryptocurrency exchange to move forward with a November 6 request.
Optimism price slips under critical support as $40 million worth of OP due to flood market Thursday
Optimism (OP) price has dropped 5% in the last day, but trading volume is up a stark 15% over the last 24 hours as of press time. The disparity comes amid expectations of more tokens in the OP market relative to what traders are willing to buy at current prices.
Pando becomes thirteenth BTC ETF applicant as BlackRock presents revised in-kind model
/definition-of-etf-21007500_XtraSmall.jpg)
Amid the ongoing spot Bitcoin ETFs race, a new player has joined the marathon. Pando Asset AG has become the thirteenth applicant even as the US Securities & Exchange Commission (SEC) continues to engage with prospective issuers.
Three key BTC accumulation levels before ETF approval in January 2024
Bitcoin, from a high time-frame perspective, has been in an up-only trend since the start of 2023. BTC has ignored many sell signals due to the likelihood of an Exchange-Traded Fund approval. With the holidays around the corner, falling liquidity could see BTC discounted from its current level, hovering around the $37,000 region.