Ripple (XRP/USD) fades bounce off 0.4581 while declining to 0.5240, down over 2% during early Friday.
The cryptocurrency major slumped the previous day, before bouncing off-late Simple Moving Average (SMA).
However, failures to extend the corrective recovery join the Relative Strength Index (RSI) conditions that ease from the overbought region to keep the sellers hopeful.
Hence, XRP/USD sellers are currently eyeing a revisit to the 10-day SMA level of 0.4840 ahead of declining to 50% Fibonacci retracement of March-November upside, near 0.4485.
Also acting as a downside filter is the 61.8% Fibonacci retracement level of 0.3693 and August month’s top near 0.3280.
Meanwhile, an upside clearance of 0.5500 can trigger fresh recovery moves targeting the early-week lows below 0.5800. Though, any further rise will have multiple hurdles to cross beyond the 0.6000 threshold ahead of reaching the latest top close to 0.7845.
XRP/USD daily chart
Trend: Bearish
Reprinted from FX Street. The copyright is reserved by the original author.
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