Ripple Price Analysis: XRP/USD explores the area below $0.2000, more sell-off ahead
- XRP/USD yielded to the bearish pressure on the market.
- A recovery above $0.2000 is needed to improve the technical picture.
XRP/USD touched the low at $0.1890 amid widespread sell-off on the cryptocurrency market. The third-largest digital asset is changing hands at $0.1935, down 4% since the beginning of the day.
A sustainable move below $0.2000 creates a bearish short-term picture and signals that XRP may continue sliding down with the next major support at $0.1780, which is the lowest level since May 10.
On the upside, the critical resistance is created by $0.1980-$0.2000 area, which includes daily SMA50 and the lower boundary of the broken consolidation channel. A recovery above this area will improve the short-term technical picture and allow for an extended upside towards $0.2060 that served as an upper line of Wednesday's consolidation channel.
XRP/USD 1-hour chart
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Author
Tanya Abrosimova
Independent Analyst
