- The XRP / USD has recovered from recent lows but still below.
- The currency must recover over $ 0.50 to improve the short-term image.
XRP / USD is sitting marginally above the $ 0.4400 handle. The currency has recovered from Wednesday's low at $ 0.4145, but the bullish momentum is so far weak. The Ripple currency lost about 1.5% of its value from Thursday, although it is still 2% higher in the last 24 hours.
The technical framework of Ripple
From a short-term perspective, the XRP / USD is moving within a clear bearish channel. To mitigate downward pressure a sustainable move above $ 0.50 is required, however a short-term reversal may only be required after a break above $ 0.5100, strengthened by the upward trend line from the maximum of 6 November. However, before this happens, the currency must eliminate a number of minor obstacles created by $ 0.4650 (Fibonacci retracement of 38.2% monthly) and a combination of SMA50 and SMA200 (4 hour chart) to $ 0 , 4760.
On the other side of the coin, the currency is supported by a congestion zone seen at $ 0.4380. Once underneath, the sell-off can be extended to $ 0,4300 psychological with Fibonacci retracement of 23.6% per day and monthly on approach. Then comes the recent low of $ 0.4094 and $ 0.40, where a new buying interest is likely to appear.
XRP / USD, 4-hour chart