Ripple nosedived below $0.2000 may bring more downward pressure. XRP is currently pushing lower may continue further in the coming days. Let’s check Ripple Technical Analysis for more levels and insights.
March 16, 2020 | AtoZ Markets – Ripple is currently residing near $0.1290 area after XRP broke below 0.2000 support level. The price failed to fill up the Bearish gap and decline lower.
Ripple trading at 0.1250 area after the market open today. XRP down to more than 20.51%, which is the most significant drop since March 2012. The current Ripple market cap down to $5.86899B. Ripple highest market cap was $20.48129B. Over the last week, XRP has risen in value, as it gained 3.22%. As per the current scenario, Ripple is now down by 96.09% from its highest peak of $3.29 on January 4, 2018.
On the other hand, Bitcoin is down to 20.96%, or $4500 and Ethereum is down to 22.22%, or $102.84 on the day. Against USD, Ripple lost its total momentum last week and continue to decline more.
Ripple Nosedived Breaking below $0.1700
XRP is currently trading at $0.1270 after Ripple nose dived below $0.1700 support level. Ripple is now quite volatile and corrective, which may continue further correction in the process.
Image: Ripple 4 Hour Chart
According to the 4-hour chart, Ripple current price action is quite volatile after it broke below a significant support level $0.1700 area. The price failed to fill up the Bearish gap of last week and decline further. As per the current scenario, XRP pushing the price lower and may sustain further lower towards 0.0972 area again in the coming days.
Moreover, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line. The Kijun line rejected the price several times and became a strong dynamic resistance. So, there are specific barriers to push higher while the price corrects below 0.1700 area in the process.
Ripple Bulls shows No Signs to Take Over again
According to the Daily chart, the price is currently trading at $0.1290 area and continuously pushing lower. After breaking the $0.2000 event level, Ripple nosedived while forcing the price to its record low towards 0.0972 area. Ripple rejected the $0.0972 support area and bounced higher but still struggling to push higher.
Image: Ripple Daily Chart
Moreover, the dynamic level of 20 EMA is residing above the expected 0.2000 resistance area, along with the Kijun line. It may pull the price higher as Mean Reversion as the price remains above 0.0972 area with a daily close. Besides, the RSI indicator’s line is residing below 30 level, which is in an oversold position. As per the indicators, it is highly probable that the Bulls may take over the market as the Bullish pressure sustains.
To conclude, Ripple is currently pushing the price lower impulsively. If the price reaches $0.0972 support area and bounces higher with a daily close, the price may retouch 0.20 area again.