Tanya Abrosimova
Independent Analyst
- XRP recovered the losses incurred after Spark airdrop.
- The further recovery may be limited by $0.61.
Ripple's XRP is changing hands at $0.585, off the recent high reached at $0.66 on Thursday. The third-largest cryptocurrency gained over 6% on a day-to-day basis and recovered the losses from the previous week.
XRP's market value has settled at $27 billion, while its average daily trading volume exceeds $18 billion.
XRP bulls face a brick wall on the approach to $0.61
From the technical point of view, XRP's recovery may be limited by the setup trendline at $0.61 on the 4-hour chart. As long as this resistance stays intact, the price is vulnerable to downside corrections towards the current channel support at $0.53 reinforced by 4-hour EMA50. A sustainable move below this area will invalidate the positive scenario and allow for a deeper sell-off to $0.50 and $0.48.
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XRP/USD 4-hour chart
Meanwhile, a move above $0.61 resistance will serve as a robust bullish catalyst and open up the way to the recent recovery high at $0.66. This area also stopped the upside at the beginning of December. The next resistance comes at the November 24 high of $0.78. This barrier separates XRP from a strong rally towards the ultimate bullish target is seen at $1.
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