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- The XRP / USD fell below $ 0.3500 against global cryptic sales
- The recovery will be difficult due to many technical barriers.
Ripple's XRP reversed all gains made during the early Asian hours, under the pressure of a massive sell-off on the cryptocurrency market. Price trends are driven by feelings and technical factors as there are no particular fundamental factors that could explain the sell-off.
The XRP / USD is trading at $ 0.3466, down 6.5% from the start of Thursday. There is little in terms of support levels below the current price, which means that the currency can extend the decline if it fails to regain ground in the near future. Bears can reach an area of $ 0.3250, boosted by 23.6% Fibo retracement per month.
On the upside, the price will have to face a rigid resistance, created by a group of technical levels. Above the current price, initial support is in the $ 0.3500 approach with a 38.2% monthly Fibo retracement and weekly Pivot Point 3 support identified around that area . We must overcome this barrier to improve the short-term technical setup and have the possibility to extend the recovery to much more serious barriers to $ 0.3700. This psychological level is strengthened by a confluence of important technical indicators, including SMA100 and SMA200 (1 hour) and Fibo retracement of 61.8% per day.
While the above level is a hard to break for XRP bulls, a higher sustainable move will pave the way to final resistance at $ 0.04000, as long as we manage to overcome an intermediate hurdle at $ 0.3750. It is created by SMA100 (4 hours), Bollinger Band Daily Middle, Fibo retracement of 61.8% weekly and Fibo retracement of 23.6% per day.
XRP / USD, 1D
