Ripple price trades lower for the second consecutive session as the price continues below the 100-day moving average. As we have mention in our recent analysis: Ripple Price Vulnerable Below 0.1915, the ripple price is in a bearish momentum and might slide lower if it fails to return soon above the 100-day moving average.
South Korean announced the intention to impose a tax on cryptocurrency, which might slow the adoption of digital currencies in the country. Strict regulations and taxation would prevent the cryptocurrencies industry from growing in South Korea.
All cryptocurrencies are trading lower today. Bitcoin (BTCUSD) is 0.95% lower at 9,525. Ethereum is 0.14% lower at 242.89, while Litecoin (LTCUSD) is 1.45% lower at 43.52. The total top 100 cryptocurrencies capitalization stands now at 272,54 billion.
Ripple price is 1.16% lower at $0.1865 as the correction from the recent highs in April continues. The technical outlook has turned bearish since Ripple price breached below the 100-day moving average. RSI is pointing to lower levels, while the risk-off sentiment in global markets might put extra pressure on XRPUSD.
On the downside, initial support for Ripple stands at $0.1855 the daily low. The next support for Ripple will be met at $0.1816 the low from June 15. If XRPUSD price breaks below 0.1816, the Ripple could correct further towards the $0.1709 the low from June 9.
On the contrary, the immediate resistance for Ripple will be met at $0.1903 the daily high; If Ripple breaks above $0.1903, the next strong resistance will be met at $0.1923 the 100-day moving average. A break above 0.1923, might pave the way for a move higher. Next resistance area for Ripple to watch is at $0.1989 the 50-day moving average.