Ripple price trading lower today after yesterday’s rally as the short term positive momentum is intact after the rebound from the 33-month lows. Crypto traders sentiment has improved as stock markets rally the last three trading sessions. Central banks around the globe reduce interest rates to historically low levels in an attempt to combat the coronavirus outbreak impact on the economy. Lower interest rates are positive for digital currencies.
Bitcoin price is 1.01% lower at $6,692, while Litecoin is 0.95% lower at $40.20 while Ethereum is 1.58% lower at $136.85. The Ripple market capitalization is at 7.52 billion with a trading volume reaching 2.43 billion in the last 24 hours. The top hundred cryptocurrencies market cap has reached 186.95 billion.
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Ripple Price Technical Levels to Watch
Ripple price is 3.05% lower at 0.11713 as investots taking some profits off the table after yesaterday’s rally. Traders are cautious as the high volatility the last weeks can quickly reverses trend and from gains easily can someone lose big amounts of money. The technical outlook is negative as indicating by the daily moving averages.
On the downside, immediate support for Ripple stands at $0.1709 today’s low. The next support zone for XRPUSD will be met at $0.1603 the low from yesterday’s trading session. In case of a downside break below the $0.16 support level, the Ripple price could correct lower towards the $0.1448 level in the near term the March 23th low.
On the other hand, first resistance for Ripple will be met at $0.1807 the daily top; If XRPUSD remains well bid above, the next obsatcle will be met at $0.2097 the high from March 12th trading session. A succesfull break above 0.2097 is likely to open the door for a bigger rally. The next critical resistance to watch is at 0.2229 the 100-day moving average.