Ripple price has not been spared by the dollar’s strength as risk aversion dominates market sentiment in today’s trading. XRPUSD is currently down more than 4% for the day at 0.19956.
News about the World Health Organization (WHO) declaring the coronavirus as a pandemic fueled concerns about the infection. As of this writing, there are over 126,000 confirmed cases and 4,630 people have died. In response, US President Donald Trump announced a 30-day travel ban from Europe except for those coming from the UK.
In response, ripple price along with equities and risk currencies traded lower. On the hourly chart, XRPUSD looks to have formed a bearish flag. This is characterized by a consolidation after a sharp drop. It is considered as a bearish continuation pattern. This means that a close below recent lows at 0.1977 could mean that XRPUSD is headed to its year-to-date lows at 0.1835.
On the other hand, a bullish close above the consolidation will suggest that there are still buyers in the market. Should this happen, we could soon see ripple price test its previous lows at 0.2245.More content