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Ripple Price Analysis: XRP/USD struggles to stay above $0.1900, as bears take control

  • XRP/USD recovered from the intraday low, but the upside is slow. 
  • Critical support is created by a psychological $0.1900.
Ripple Price Analysis: XRP/USD struggles to stay above $0.1900, as bears take control
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

XRP/USD tested the intraday low at $0.1855 and recovered back above $0.2000. At the time of writing, XRP/USD is changing hands at $0.1935; the short-term bias remains bearish, while the volatility is high. The price of the third-largest digital asset has gained nearly 2% since the start of the day, though it is still 3% lower from this time on Sunday.

XRP/USD: Technical picture

On the daily charts, XRP's recovery is limited by psychological $0.2000, which is reinforced by daily SMA50. However, above this barrier does not guarantee a sustainable recovery as a stronger resistance in the area $0.2030-$0.2040 may discourage the short-term bulls and push the price below $0.2000. The above-mentioned resistance zone includes daily SMA100 and SMA200 as long as 38.2%  Fibo retracement for the downside move from February 2020 high. If it is cleared, the recovery will gather pace and bring $0.2080 and $0.2100 into focus. 

On the downside, the initial support is created by $0.1900. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the intraday low of $0.1855 and $0.1800.

XRP/USD daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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