Ripple Price “Remaining Calm, Awaiting Sub $0.1,” Analyst’s Bombshell
- XRP/USD remains range-bound between $0.14 and $0.16 following the drop to $0.10.
- Ripple price likely to take time to digest the big moves before significant recovery comes.
Ripple price recently fell in tandem with Bitcoin price, breaking below several support areas and tested the buyer congestion zone at $0.10. A reflex reaction saw the price jump above $0.14 (current short term support). The weekend session nurtured a subtle breakout above $0.15 but the upward movement stalled under $0.16.
The trading on Monday was mostly bearish in the entire cryptocurrency market. XRP/USD explored the lows under $0.15, confirming the short term support at $0.14. Another brief reversal on Tuesday pushed Ripple price to $0.1518 (intraday high). Although the bullish momentum has stalled, XRP is still holding 3.72% above $0.1415 (opening value).
Ripple Price Technical Picture
Ripple price is dancing between the moving average support and resistance; whereby the 50 SMA is providing immediate support while the 100 SMA on the hourly chart capping movements at $0.1497. The prevailing trend is in the favor of the bulls as observed by the RSI’s movement above 50.
However, the buyers do not have enough power to sustain gains above $0.15. Besides, $0.16 is a critical level that must be put in the rearview if XRP/USD has any chance of trading above $0.20 in the coming days.
XRP/USD hourly chart
In spite of the minor recovery, XRP is still inclined to make losses. For instance, Robert Art, a renowned XRP enthusiast says that the cryptoasset has no viable support above $0.10. He adds that once tentative support at $0.13 was shattered, Ripple opened the Pandora box, which awaits sub $0.10 levels.
As mentioned on numerous occasions, there’s no support at $0.10 for XRP. There was support at $0.13 and it broke. Didn’t hold. Remaining calm, awaiting sub $0.10.
— 🇨🇭Robert Art 🇨🇭 The Wolf of Rekt Street (@RobertArtRobArt) March 16, 2020
The prevailing XRP technical picture is drab and ‘fast moves not likely in the next few days or even weeks, takes time to digest big moves in the market,” according to Trader ProjectSyndicate on Tradingview.
Ripple Key Levels
Spot rate: $0.1475
Relative change: 0.00557
Percentage change: 3.92%
Trend: Bearish
Ripple price likely to take time to digest the big moves before significant recovery comes.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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 Tue, 17 Mar 2020 06:54:40 +0000
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