Ripple Price Flash Crash Shows That Bears Are Back

Ripple price crashed during the Asian session to the lowest level since April 16 but managed to rebound and as of writing reversed losses and trades positive. We still don’t know what caused the flash crash but looks like a big sell order in thin volumes was the cause. During the weekend XRPUSD breached below the 50-day moving average and as we have discussed in our previous article “Ripple Price Positioning For Breakout As Volatility Drops” the recent consolidation phase ended with a break to the downside signalling that sellers are in control.

Binance cryptocurrency exchange becomes the first exchange to announce the addition of Ethereum (ETHUSD) and Ripple (XRPUSD) options contracts. The new financial instrument will offer ripple traders more speculation and hedging tools in their cryptocurrencies portfolio.

XRP capitalization stands now at $8.59 billion while the trading volume in the last 24 hours has reached 1.57 billion below the average volume.
Bitcoin (BTCUSD) is 1.42% higher at 8,842 after severe selling pressure during the weekend. Ethereum (ETHUSD) is the outperformer adding 2.05% at 203.73, while the Litecoin (LTCUSD) is 2.12% higher at 42.95.

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Ripple Price Levels to Watch

Ripple price is 1.18% higher at $0.1947 with bears in the driver’s seat now after the number four cryptocurrency breached below the 50-day moving average. The technical outlook is bearish now, and lower levels might be on the cards. Only a return of the ripple price above the 50-day moving average might cancel the bearish momentum.    

On the upside, first resistance for XRPUSD price will be met at $0.1950 the daily top; If Ripple remains bid above $0.1950, the next hurdle will be met at $0.2001 the 50-day moving average. A break above 0.2001 might open the way for a bigger move higher. Next resistance area to watch is at $0.2028 the 100-day moving average. 

On the other hand, immediate support for Ripple stands at $0.1916 the Sunday low. The next strong support will be met at $0.1750 the daily low. If the Ripple breaks below $0.1750 support level, XRPUSD price could correct further towards the $0.1678 the low from April 1. 

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