- XRP recovered the losses incurred after Spark airdrop.
- The further recovery may be limited by $0.61.
Ripple’s XRP is changing hands at $0.585, off the recent high reached at $0.66 on Thursday. The third-largest cryptocurrency gained over 6% on a day-to-day basis and recovered the losses from the previous week.
XRP’s market value has settled at $27 billion, while its average daily trading volume exceeds $18 billion.
XRP bulls face a brick wall on the approach to $0.61
From the technical point of view, XRP’s recovery may be limited by the setup trendline at $0.61 on the 4-hour chart. As long as this resistance stays intact, the price is vulnerable to downside corrections towards the current channel support at $0.53 reinforced by 4-hour EMA50. A sustainable move below this area will invalidate the positive scenario and allow for a deeper sell-off to $0.50 and $0.48.
XRP/USD 4-hour chart
Meanwhile, a move above $0.61 resistance will serve as a robust bullish catalyst and open up the way to the recent recovery high at $0.66. This area also stopped the upside at the beginning of December. The next resistance comes at the November 24 high of $0.78. This barrier separates XRP from a strong rally towards the ultimate bullish target is seen at $1.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.