Ripple price slumped to the lowest level in ten days and breached below the 50-day moving average signalling that bears are in full control of XRPUSD. The move today cancelled the recent rally from 0.1770 lows on July 6.
Meanwhile, the noise continues around bitcoin and cryptocurrencies after the twitter hack of Bill Gates, Joe Biden Elon Musk, Jeff Bezos and other famous person accounts. The hackers send a message from the well-respected accounts asking for bitcoins. Twitter in an attempt to prevent a future hack, disabled the ability to share strings of numbers and letters on the application that usually referred to bitcoin addresses.
It is not known how much precisely the twitter hackers got away, but there are rumours that the victims of the scammers sent more than $120,000 worth of Bitcoin to just one promoted address.
Today, Bitcoin (BTCUSD) is 0.98% lower at 9,099, Ethereum (ETHUSD) is 2.34% lower at 232.69 while the Litecoin (LTCUSD) is 3.09% lower at 41.96.
Ripple Price Technical Analysis
Ripple price is 2.59% lower at $0.1920 as the price action turns bearish today below the 50-day moving average. The rally since the June lows stalled at the 200-day moving average while the correction that started on July 9 might accelerate after XRPUSD breached today below the 100 and 50-day moving average. A close today below the 0.1920 mark might be the beginning of another leg lower.
On the downside, the first support for Ripple stands at $0.1880 the daily low. The next support for Ripple will be met at $0.1838 the low from July 8. If XRPUSD breaks below 0.1838, the price could correct further towards the $0.1772 the low from July 6.
On the other hand, the first resistance for Ripple will be met at $0.1974 the daily high. If XRPUSD price breaks above $0.1974, the next resistance will be met at $0.1998 the high from yesterday’s trading session. A break above 0.1998, might pave the way for a move to the next resistance at $0.2061 the high from July 13.
Ripple Price Daily Chart