Ripple price hovers close to two month lows as the consolidation phase continues after the recent correction. Ripple bounced from the two month lows at 0.1975 on Monday in an attempt to recover some of the Sunday’s sharp losses. The pullback today cancel the two days rebound as the buyers run out of steam.
The Australian Taxation Office (ATO) is working on contacting thousands of cryptocurrency traders, reminding them about their tax obligations for trading digital currencies like Ripple or Bitcoin. Cryptocurrencies are regarded as a ‘form of asset’ under Australia’s laws, and as of that is subject to capital gains tax. Investors have to pay taxes on gains generated from crypto trading. All the traders involved in such trades, required to disclose the information to the tax administration.
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Ripple Price Analysis
Ripple price is 3.08% lower at 0.2049 as the bears are in full control of XRPUSD after the price pierced the 100-day moving average on Sunday. What can cancel now the negative momentum is if the ripple price return above the 100-day moving average at 0.2325.
On the downside, the first support for XRPUSD stands at $0.2041 the daily low. Next support zone for the XRPUSD will be met at $0.1977 the low from March 9th. If the price breaks below that level, then the next support area stands at $0.1937 the low from January 6th.
On the other side, first resistance for Ripple stands at $0.2138 the daily top; If Ripple breaks above, the next resistance level will be met at $0.2161 the high from yesterday’s trading session. The critical level to watch is the 100-day moving average at 0.2325.
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