Ripple price continues the slide to lower levels today after yesterday’s gains. Ripple was under selling pressure on Saturday when it moved from 0.1830 down to 0.1696. We have discussed in our latest article that Ripple price bears targeting a break below 0.18.
The fears of a second coronavirus wave weigh on risky assets. On Friday, investors sold equities across the board and turn to safe-haven assets. In 2020 we have seen a high correlation between equities and cryptocurrencies. Ripple hit the yearly lows on March when the major global stock indices also hit their lowest level for the year.
Ripple price capitalized on the sharp rally in equities from the March lows and added over 66% before the correction, below the 100-day moving average.
All of the major cryptocurrencies are trading lower today. Bitcoin (BTCUSD) is 0.47% lower at 9,071. Ethereum is 1.014% lower at 222.66, while Litecoin (LTCUSD) is 0.94% lower at 40.93. The total top 100 cryptocurrencies capitalization stands now at 258,32 billion.
Ripple price is 0.55% lower at $0.1759 as the correction from the April 30 highs continues. The technical picture has turned clearly bearish since XRPUSD price breached below the 100-day moving average on June 18.
On the downside, first support for Ripple stands at $0.1748 the daily low. The next support for Ripple will be met at $0.1730 the low from June 28. If the Ripple price breaks below 0.1730, the Ripple could correct further towards the $0.1689 the low from June 27.
On the flip side, the initial resistance for XRPUSD will be met at $0.1778 the daily top. If Ripple price breaks above $0.1778, the next strong resistance will be met at $0.1831 the high from June 27. A break above 0.1831, might pave the way for a move higher. Next resistance for Ripple to watch is at $0.1870 the high from June 26.