Tanya Abrosimova
Independent Analyst
- XRP/USD has recovered from recent lows, but still below.
- The coin needs to recover above $0.50 to improve the short-term picture.
XRP/USD is sitting marginally above $0.4400 handle. The coin has recovered from Wednesday's low at $0.4145, but the upside momentum is weak so far. Ripple's coin has lost about 1.5% of its value since the beginning of Thursday, though it is still 2% higher in recent 24 hours.
Ripple's technical picture
From the short-term point of view, XRP/USD is moving within a clear downside channel. A sustainable move above $0.50 is needed to mitigate the bearish pressure, however, a short-term reversal may be claimed only upon the break above $0.5100, strengthened by the sloping trendline from November 6 high. However, before that happens, the coin needs to clear quite a number of smaller hurdles created by $0.4650 (38.2% Fibonacci retracement monthly) and a combination of SMA50 and SMA200 (4-hour chart) at $0.4760.
On the downside, the coin is supported by a congestion zone seen at $0.4380. Once below, the sell-off may be extended towards psychological $0.4300 with 23.6% Fibonacci retracement daily and monthly on approach. Then comes the recent low of $0.4094 and $0.40, where a fresh buying interest is likely to appear.
XRP/USD, 4-hour chart
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