Tanya Abrosimova
Independent Analyst
- XRP/USD recovered from the intraday low, but the upside is slow.
- Critical support is created by a psychological $0.1900.
XRP/USD tested the intraday low at $0.1855 and recovered back above $0.2000. At the time of writing, XRP/USD is changing hands at $0.1935; the short-term bias remains bearish, while the volatility is high. The price of the third-largest digital asset has gained nearly 2% since the start of the day, though it is still 3% lower from this time on Sunday.
XRP/USD: Technical picture
On the daily charts, XRP's recovery is limited by psychological $0.2000, which is reinforced by daily SMA50. However, above this barrier does not guarantee a sustainable recovery as a stronger resistance in the area $0.2030-$0.2040 may discourage the short-term bulls and push the price below $0.2000. The above-mentioned resistance zone includes daily SMA100 and SMA200 as long as 38.2% Fibo retracement for the downside move from February 2020 high. If it is cleared, the recovery will gather pace and bring $0.2080 and $0.2100 into focus.
On the downside, the initial support is created by $0.1900. Once it is out of the way, the sell-off is likely to gain traction with the next focus on the intraday low of $0.1855 and $0.1800.
XRP/USD daily chart
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