Ripple Price Analysis: XRP/USD Flirts With 50% Fibonacci After A 21% Loss In 5 Days
- Ripple bulls battered by selling pressure in the last one week but keen on defending $0.20 support.
- XRP/USD nears triangle pattern breakout likely to rally to $0.2150 and $0.2500 respectively.
Ripple price has been very uneventful in its trading over the last three weeks. Prior to the breakdown in the first week of June, XRP was trading at $0.2259. In April the fourth-largest cryptocurrency achieved highs of $0.2364. In just five days Ripple has lost at least 21% amid the up and down movement of Bitcoin and Ethereum. XRP is stuck in a sideways trend above $0.20. On the upside, the crypto is facing the first resistance at $0.2050. On the downside, XRP is supported at $0.20 (support that has been in place since June 5).
Ripple Technical Analysis
Ripple price is dancing at $0.2015 and battling the resistance at the 50% Fibonacci level taken between the last swing high of $0.2146 to a swing low of $0.1897. The cryptoasset is also fighting another hurdle at the falling triangle resistance. A breakout above this zone could catapult XRP towards highs traded at the beginning of June.
XRP/USD 4-hour chart
For now, sideways trading appears to take precedence. This consolidation is supported by the sideways moving the Relative Strength Index. As long as the price holds above $0.20, there is still potential for gains above $0.21 and $0.22. Besides, the same consolidation is witnessed across a vast number of the major cryptocurrencies. In the event losses progress, breaking through $0.20, bulls would seek refuge at the 38.2% Fibo, $0.1950, and the primary support at $0.19.
Ripple Intraday Levels
Spot rate: $0.2015
Relative change: 0.0001
Percentage change: 0.05%
Trend: Bearish
Volatility: High
XRP/USD nears triangle pattern breakout likely to rally to $0.2150 and $0.2500 respectively.
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John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige
Published at Wed, 10 Jun 2020 08:56:40 +0000
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