XRP Ready to Retrace Upside Despite Sell-off
The XRP/USD pair is still exhibiting a main downtrend from price levels over $0.2650. The pair visited the support zone around $0.2240 and retracement to the upside is possible in the short term.
In recent times, there was a powerful dip from over $0.2650. The pair was able to break several supports close to $0.2500 and $0.2450 for entry into a short-term downtrend.
Further, the pair broke beneath the support at $0.2350 and the price was able to settle beneath the 100 hourly SMA. The fall led to a move under $0.2280.
The pair eventually secured support close to $0.2240 and it is now consolidating losses.
A look at the pair’s hourly chart shows the formation of a contracting triangle with barrier close to $0.2300. Hence, a surge past the triangle barrier might pave the way for a modest recovery towards $0.2400 and $0.2450.
The intermediate barrier is close to $0.2365. XRP/USD needs to surge past $0.2450 and $0.2500 barrier for a new increase in the days ahead.
The failure of the pair to retrace over $0.2300 and $0.2365 barrier could lead to more downsides. The initial major support on the downside is close to $0.2240.
The occurrence of break under $0.2240 and $0.2232 could take the price downwards to $0.2200. Any additional declines could take the price to $0.2050 in the near term.
Featured image courtesy of Shutterstock. Source: Cryptopress.