- Ripple has retreated from the recent high reached on Wednesday.
- XRP/USD needs to regain ground above $0.20 to mitigate the bearish pressure.
Ripple’s XRP tempts a recovery towards $0.1900. The coin hit the recovery high at $0.2009 on Wednesday, before retreating towards $0.1850 on Thursday. At the time of writing, XRP/USD is changing hands at $0.1880, down 4% since the beginning of the day.
Let’s have a closer look at the technical picture for XRP/USD.
From the technical point of view, we will need to see a sustainable recovery above $0.2000 for the upside to gain traction. This resistance is reinforced by SMA100 (Simple Moving Average) 1-hour, which makes it harder to take out. Once this happens, the next short-term target of $0.2100 will come into focus. This barrier is strengthened by SMA200 (Simple Moving Average) 1-hour. Moreover, it is the lower boundary of the previous consolidation channel that limited the decline at the beginning of December.
On the downside, initial support is created by the intraday low of $0.1850 and the lower line of 1-hour Bollinger Band at $0.1830. This support area separates us from a stronger barrier at $0.1800 and the recent bottom at $0.1752, which is the lowest level since September 2017. If the price moves below this support, we will find ourselves on an uncharted territory as the sell-off may start snowballing on the illiquid market.
XRP/USD, 1-hour chart
Share
