Ripple price analysis: XRP/USD pressed lower amid general cryptocurrency sell-off, bears threaten to take $0.6700
- Ripple sellers came in on approach to 50% Fibo $0.70.
- Coin needs to get back above $0.6800 to improve the technical picture.
Ripple is changing hands at $0.6750 with a negative bias. The coin reached $0.7060 on Sunday before sellers appeared and pushed the price below $0.70 handle.
The downside momentum was strong enough to break 100-SMA (hourly chart) currently at $0.6787. XRP/USD reached the local bottom at $0.6730, which is the Asian low.
Technically, XRP/USD is trapped inside a short-term bearish trend as long as it stays below $0.6800 handle. Fresh selling interest on approach to this level is likely to cap the recovery, though, once it is cleared, the upside momentum may gain traction to take the price to Sunday's high at $0.7060 and to stronger resistance created by 50% Fibo of the upside movement from $0.4500 low to $0.9650 high.
On the downside, a sustainable movement below $0.6730/00 area will trigger more selling towards important $0.6600 support, followed by $0.6500 and $0.6470 (38.2% Fibo of the above-mentioned movement).
Author
Tanya Abrosimova
Independent Analyst
