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XRP controlled by long-term bears until $ 0.4680 remains intact

  • The XRP / USD has recovered its recent lows, but the bullish momentum is fading.
  • The bulls must resume $ 0.40 for the chance to test the resistance of the channel.

XRP / USD recovered from Sunday low at $ 0.3141 to trade at $ 0.3184 at time of writing. However, the positive momentum has eased on the $ 0.3200 take-up approach, which portends a malaise with further recovery.

Ripple's XRP is now the second largest digital asset with a value of $ 13.2 billion and an average daily trading volume of $ 406 million. The currency is moving at eye loss with a broader cryptocurrency market, under pressure from generally bearish feelings. Since there is little in the way of fundamental news that can affect the XRP / USD impulse, the currency is driven by the technical factor and market sentiments.

Technical image XRP

From the long-term perspective, XRP / USD has been moving into the bearish channel since the end of September. At this stage, the price remains in the middle of the interval maintained by DMA50 (currently at $ 0.3460). A higher sustainable move is a prerequisite for a sustained recovery towards stronger resistance areas created by a confluence of DMA100 and DMA200 around the psychological $ 0,4000.

Although this move will represent a 25% increase over the current price, it will not take us out of the downtrend. The ultimate goal of the XRP / USD bulls is $ 0.4680 – the top line of the channel.
On the downside, the nearest support is Sunday's low at $ 0.3140. A lower sustainable move will expose $ 0.31 and will pave the way towards psychological $ 0.30. Once below, the sell-off can be extended to the lowest level of 2019 and $ 0.2815 and to the lower border of the channel to $ 0.2334.

XRP / USD, the daily chart

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