- XRP/USD has recovered towards $0.4600, but the upside momentum is slow.
- The bulls’ ultimate target is set at $0.50.
XRP/USD climbed to $0.4600 handle amid quiet trading ahead of European opening. XRP/USD gained 1.5% both since the beginning of Monday on a day-on-day basis. Cryptocurrency market has calmed down after roller-coaster movements triggered by alleged Tether manipulations. XRP has a market value of $18.1B and an average daily trading volume of $716M.
Looking technically, Ripple’s cryptocurrency is moving within the short-term downside channel visible on the 4-hour chart. The first resistance is produced by $0.4878 (SMA100, 4-hour); however, the bulls have to clear $0.50 handle to break the bearish setup and extend the recovery towards the next target at $0.5435 (the lower border of the broken channel).
On the downside, the price is supported by $0.4558 (SMA200, 4-hour) and $0.4437 (SMA50, 4-hour). Once below, the sell-off may continue towards $0.43 (SMA100, 1-hour) and to psychological $0.4200.
XRP/USD, 4-hour chart
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