Ripple Price Analysis: XRP/USD Shutters Triangle Support Amid Bitcoin Selloff To $8,100
- Ripple dives under $0.20, breaking triangle support to refresh levels at $0.1750 amid a Bitcoin selloff to $8,100.
- Low trading volume and a sideways moving RSI point towards consolidation under $0.20.
Ripple price was not spared by the selloff mainly triggered by Bitcoin (BTC) pre-having plunge to $8,100. Ripple dived massively under $0.20 to an extent of breaking the vital falling triangle support (green) and refreshing the levels at $0.1750. Although an immediate reflex reversal took place, XRP/USD has not been able to take down the seller congestion at $0.20.
Meanwhile, the price is flirting with $0.1972 and battling the resistance at the 38.2% Fibonacci retracement level taken between the last swing high at $0.2353 to a swing low at $0.1739. Sideways trading action is likely to take place in the current and coming sessions. This is emphasized by the horizontally moving Relative Strength Index (RSI). The indicator recovered following the dip over the weekend. Unfortunately, the bullish momentum lost steam at 33. As long as the leveling motion continues, XRP/USD could enter into consolidation under $0.20.
XRP/USD 4-hour chart
Looking at the moving averages, sellers appear to be gaining traction against the bulls. If the 50 Simple Moving Average (SMA) in the 4-hour range crosses below the 100 SMA, selling pressure could increase. Moreover, the longer the price remains under $0.20, the more the bulls become disadvantaged because bears’ confidence is likely to grow. The low trading volume at the moment hints that rapid price movements are unlikely in the near term. Support is also expected at $0.1750 (weekend support) as well as $0.1500.
Ripple Key Intraday Levels
Spot rate: $0.1972
Relative change: -0.00077
Percentage change: -0.39%
Trend: Bearish
Volatility: Low
Low trading volume and a sideways moving RSI point towards consolidation under $0.20.
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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 Mon, 11 May 2020 06:13:40 +0000
![Bitcoin [BTC] Futures: CME, Bakkt Log New Highs in Open Interest and Volume](https://thebitcoinstreetjournal.com/storage/2020/08/DBrvXg.gif "Bitcoin [BTC] Futures: CME, Bakkt Log New Highs in Open Interest and Volume")
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