Ripple price is under selling pressure after failure at the 200-day moving average. XRPUSD managed to break above the 100-day moving average the previous week as investors returned to risky assets ahead of the gradual reopening of many economies around the globe. The number three crypto pair rejected for the third time at 200-day moving average yesterday as the bulls are running out of steam. An escalation in tensions between USA and China after U.S. Secretary of State Mike Pompeo said that there was evidence that the new coronavirus emerged from a Chinese laboratory in Wuhan.
The Bitcoin price is 2.55% lower today at $8,684, although the Bitcoin hash rate hit a record high, two weeks before the Bitcoin halving event. When the bitcoin price goes up, it’s more profitable for miners, which likely will attract more miners to turn on their mining equipment. The result is that the hash rate goes up. The bitcoin hash rate is the amount of computations computers on the bitcoin network are making per second to solve hash problems.
Ripple price is 85% higher from the March 13 lows as the rebound after the coronavirus sell-off managed to break above the 50 and 100-day moving averages.
Download our Q2 Market Global Market Outlook
Ripple Price Analysis
Ripple price is 3.53% lower at $0.2115, breaking below the 100-day moving average and cancelling the short term positive momentum that formed after the March lows. A further correction can’t be ruled if XRPUSD closes today away from the 100-day moving average. Bulls might initiate long positions above the 100-day moving average.
On the downside, initial support for Ripple price stands at $0.2072 today’s low. The next support will be met at $0.1938 the low from April 28 trading session. In case of a move below the $0.1938 support level, the XRPUSD price could correct further towards the $0.1841 the 50-day moving average.
On the other hand, first resistance for Ripple price will be met at $0.2206 the daily high; If Ripple remains strongly bid above $0.2206, the next hurdle will be met at $0.2270 the 200-day moving average. A break above 0.2270 might open the way for a bigger rally. Next supply zone to watch is at $0.2358 the high from April 30.
Don’t miss a beat! Follow us on Telegram and Twitter.
More content
- Download our latest quarterly market outlook for our longer-term trade ideas.
- Follow Nikolas on Twitter.
- Do you enjoy reading our updates? Become a member today and access all restricted content. It is free to join.