Ripple price started the day with heavy loses, making fresh 33-month lows as the bloodbath from yesterday’s trading session continued in the early Asian session. XRPUSD managed to rebound in the early European session, and as of writing, it is 10% higher at 0.1555.
Cryptocurrencies were also a victim of the global sell-off in equities and risky assets amid the coronavirus outbreak. Investors are running for cover to safe haven assets and cash amid the rising volatility.
I expect volatility to be the main theme in the upcoming trading sessions as the impact of coronavirus will continue to drive markets.
The Ripple capitalization has dropped now at 6.71 billion with trading volume reaching 4.95 billion over 50% above average in the last 24 hours. Bitcoin is 13.37% higher at $5487, Litecoin is 14.55% higher at $34.38 while Ethereum is 19.40% higher at $130.55.
I expect volatility to be main the main theme in the upcoming trading sessions as the impact of coronavirus will continue to drive markets.
The Ripple capitalization has dropped now at 6.71 billion with trading volume reaching 4.95 billion over 50% above average in the last 24 hours. Bitcoin is 13.37% higher at $5487, Litecoin is 14.55% higher at $34.38 while Ethereum is 19.40% higher at $130.55.
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Ripple Price Technical Analysis
Ripple price trading close to daily high at 0.1582 as buyers attempting to recover some of yesterday’s sharp loses. The technical outlook is clearly bearish for XRPUSD, and lower levels can’t be ruled out.
On the upside, first resistance for Ripple stands at $0.1688 the daily top; If Ripple price breaks above, the next resistance level will be met at $0.2092 the high from yesterday’s trading session. The next level to watch is at 0.2159 the high from March 10th.
On the flip side, the initial support for Ripple stands at $0.1400 mark. Next support zone for the XRPUSD will be met at $0.1140 the low from yesterday’s trading session. All in all, the momentum is negative for the crypto pair, and only a move above the 100-day moving average can give bulls a breath.
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