Ripple price retreat today keeping the rebound from the 33-month lows alive. Investors sentiment has improved the last days after the coordinated intervention from central banks and governments around the globe. The White House and Senate leaders agreed yesterday on a $2 trillion package to help the struggling US economy during the coronavirus outbreak.
Investors returned to risky assets yesterday with the stocks in Wall Street Rally over 9%, while the cryptocurrencies also jumped higher.
XRPUSD lost over 65% of its value since the February highs, while during the rebound has recovered only 30%.
Bitcoin price struggles to sustain gains above $6,600. Bitcoin BTCUSD is 2.00% lower at $6,640, Litecoin is 3.07% lower at $39.40 while ETHUSD is 1.33% lower at $137.09. The Ripple market capitalization is at 7.07 billion with a trading volume reaching 2.07 billion in the last 24 hours.
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Ripple Price Levels To Watch
Ripple price is 1.42% lower at 0.1604 as the consolidation continues after the crypto pair rejected at 0.1757 area last week. The technical outlook is negative as the price hovers below the significant daily moving averages. Bulls need to break above 0.1750 in order to take a breath.
On the downside, first support for Ripple stands at $0.1598 today’s low. The next support zone for XRPUSD will be met at $0.1448 the low from March 23 trading session. In case of a downside break below the $0.1448 support level, the Ripple price could correct lower towards the $0.1273 level in the near term the March 16th low. The 33-month lows at 0.1139 might provide the next support zone.
On the other side, first resistance for XRPUSD will be met at $0.1657 the daily top; If XRPUSD remains well bid above, the next hurdle will be met at $0.1767 the high from yesterday’s trading session. A successful break above 0.1767 is likely to open the door for a bigger rally. The next resistance area to watch is at 0.2092 the high from March 12th.
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