Ripple price and those of several of the major cryptocurrencies are down sharply this Friday. This is coming after President Trump is reported by several news agencies to have tested positive to the coronavirus. Ripple price is 2.73% lower, as investors increased demand for the US dollar and other safe-haven assets ahead of the US non-farm payrolls report.
Bitcoin prices, which are also heavily populated with Ripple price, also fell this Friday as the news of US President Trump’s coronavirus infection news rattled global markets. This news looks set to increase the volatility of cryptocurrency markets heading into the weekend.
With just a month to the US Presidential elections, any form of speculation about the president’s health is sure to produce market-moving volatility that traders can take advantage of. This may serve as the new trigger for ripple prices heading into the election.
Technical Outlook for Ripple Price
Today’s down one leg is an extension of the rejection of ripple price from the upper border of the descending channel on the daily chart. Today’s price bar is now challenging support at 0.22928. A breakdown of the support level from continued demand on the US dollar, which features as the pair against Ripple in the XRPUSD pair, pushes towards the 24th September low at 0.21955. Further support comes in at 0.21155 as well as 0.20102.
On the flip side, a recovery bounce from the present support level allows Ripple price to target the 0.24425. 0.26000 is a psychological resistance that becomes available on a break of the descending channel, with 0.26645 (38.2% Fibonacci retracement) and 0.27082 forming the next upside targets.
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XRPUSD Daily Chart
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