XRP/USD Price Update:
- XRP looks weak as it declines below the $0.2190 mark.
- The dominant bias is the bearish tone for the short term, but a bullish recovery can’t be discarded.
XRP/USD Update: Under a strong sell-off below $0.2190
Ripple has been weakening across the board, plummeting below the $0.2190 level. It currently finds support around $0.2059. Such a fall is given in the context of a huge decline that is happening since the highs of November. This was strengthened by a wedge’s breakout, favouring the further bearish wave.
There is also an ongoing death cross of the moving averages (50 & 200) at the 4H chart. The bearish scenario seems to be preferred, at least in the short term, as the cryptocurrency is following a sequence of lower lows.
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Bears still dominant
Currently, it seems like the next line in the sand for the bears lies at $0.2059, which is a key barrier to the downside. Once this gives up in favour of the bearish bias, the next hurdle to overcome should be the $0.1882 level. Moving on, as long as XRP/USD stays below the SMA mentioned above, the focus will shift towards the $0.1685 neighbourhood.
Of course, this proposed scenario could give a boost to the bears for the mid-term, as the price action is favouring further decline once those barriers are broken.
Extended recovery on the cards?
However, a bullish recovery cannot be discarded at all, because Ripple could look for a corrective move that could be well-extended or a trend-changing move. If the resistance level of $0.2323 gives up in favour of the bulls, then it can rally to test the $0.2512 zone.
Such a move could mean a consolidation above the 50 SMA. Once the cryptocurrency clears out the resistance, the focus will be on the 200 SMA around $0.2661. Followed by the $0.2820 area, bringing a bullish crossover of moving averages.
This should be confirmed once it breaks above the October’s highs.