Ripple continues the rebound from two-year lows as crypto traders sentiment improves after bitcoin managed to return above the 7,000 mark. The cryptocurrency market took a hit on the chin last Friday after PBOC’s warning that cryptocurrencies remain unauthorised illegal public financing and investors must be careful on virtual currencies.
XRPUSD price peaked at $0.3151 on November 7th, but after that, a sharp correction took place boosted by PBOC comments that send number three cryptocurrency by capitalization down to two year lows at 0.2017.
The XRPUSD capitalization has dropped to 9.19 billion while the top 100 cryptocurrencies capitalization stands at 196.34.
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XRPUSD Support and Resistance
XRPUSD bearish momentum is intact as the cryptocurrency breached below the yearly low at 0.22. Ripple downward momentum accelerated after the XRPUSD crossed below the 100-day moving average.
Ripple price is now trading at 0.2192, and bulls need a break above 0.2291 the daily high in order to attract more bids. If that is the case further resistance will be met at 0.2350 the high from November 24th. While the recent bearish trend can be halted if XRPUSD breaks above the 100-day moving average at 0.2694.
On the downside, immediate resistance now stands at 0.2136 the daily low; If that low indeed breaks, then XRPUSD might slide to 0.2017 the two year low from yesterday’s session. The December 2017 low at $0.1976 might offer long-term support, followed by November 12, 2017, low at $0.1892.More content
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