Tanya Abrosimova
Independent Analyst
- XRP/USD has recovered strongly after a period of consolidation.
- The bulls' momentum may be reversed if the price dips below $0.4300.
XRP/USD spiked to $0.4540 in a matter of minutes after a slow start on Monday. Currently, XRP/USD is changing hands at $0.4420, gaining over 2% on a day-on-day basis. Cryptocurrency market seems to have woken up after the sleepy weekend as all major coins are growing actively with no fundamental reasons readily available to explain the strong bullish movement accompanied by volatility spike.
While the unexpected bullish assault seems to be short-lived, XRP/USD managed to smash several stiff resistance levels on the way up. If the price settles above $0.43, which is the upper border of the weekend channel, the technical picture will improve, implying further recovery towards Pivot Point weekly, Support 2 on approach to $0.4350 followed by 61.8% Fibo retracement under $0.4500.
Otherwise, the sell-off may gain traction, taking XRP back to the psychological $0.4200 strengthened by a combination of SMA100 and SMA200 15-min. The next support is created by $0.4100 followed by a congestion zone $0.4070. Once this hurdle is out of the way, the sell-off may continue towards critical $0.4000.
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