- Ripple price retreat today and tests the 100-day moving avearrrge, as the crypto pair continues the consolidation phase between $0.2240 and $0.2430.
Ripple price retreat today and tests the 100-day moving avearrrge, as the crypto pair continues the consolidation phase between $0.2240 and $0.2430. XRPUSD has formed a double bottom at the $0.2240 level and yesterday managed to return above the critical 100-day moving average. Ripple correction that started in mid February stalled around 0.2240, with over 33% losses since the February highs.
XRPUSD and the other cryptocurrencies felt the pressure from the coronavirus outbrteak crisis, in disappointment to some investots that the cryptocurrencies will act as a safe haven during the crisis..
The XRPUSD capitalization is now at 10.29 billion with trading volume reaching 2.52 billion in the last 24 hours.
Read our Best Trading Ideas for 2020.
Ripple Price Technical Analysis
XRPUSD is 2.23% lower at $0.2340 giving up some of yesterday’s gains. Ripple is testing the critical 100-day moving average at $0.2325. A break below will give the bears the upper hand. The technical outlook is neutral and only a break below the 100-day moving average or a break above the 200-day moving average can initiate a new trend.
On the downside the first support for Ripple stands at $0.2330 the daily low. Next support for the XRPUSD will be met at $0.2255 the low from yetserday’s trading session. If the price moves below then the next support area stands at $0.2225 the low from March 1st.
On the flip side, initial resistance for XRPUSD stands at $0.2399 the daily top; If Ripple breaks above the nest resistance level will be met at $0.2478 the higggh from February 27th. More offers might emerge at $0.2515 the 200-day moving average.