Tanya Abrosimova
Independent Analyst
- XRP/USD is down 10% on a daily basis, off the recent lows.
- Ripple needs to regain $0.5000 to mitigate bearish pressure.
XRP/USD is changing hands at $0.4554, off the Wednesday's low $0.4115. The coin with a market value of $18.3 has lost over 10% in recent 24 hours amid global cryptocurrency sell-off triggered by a combination of technical and speculative factors.
As there are no obvious reasons for XRP's collapse, the coin is likely to follow the general trend, which is still negative now. While the market has calmed down after the panic selling, there are still no signals that the recovery is underway.
Ripple's technical picture
XRP/USD managed to stay above $0.4100, which is a positive technical factor from the short-term perspective. The upside is now capped by SMA200 (4-hour) at ).4715. Once it is cleared, the recovery may be extended towards psychological $0.5000 and $0.5078 (SMA50, 4-hour). Considering that the Relative Strength Indes (RSI) is about to reverse from the oversold territory, XRP has a chance to reach the above-said levels, provided that the rest of the market is on recovery mode too.
On the downside, the first support is created by $0.4100, followed by psychological $0.4000.
XRP/USD, 4-hour chart
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