- Summary:
- Ripple price seesaws close to unchanged level after yesterday’s sharp drop. Ripple hit 33-month lows as traders liquidate their portfolios to raise cash
Ripple price seesaws close to unchanged level after yesterday’s sharp drop. Ripple hit 33-month lows as traders liquidate their portfolios to raise cash and limit exposure to risky assets. Ripple lost over 66% of its value since the February highs, while during the rebound has recovered only 30%.
The Ripple capitalization is at 6.58 billion with a trading volume reaching 1.89 billion in the last 24 hours. Bitcoin is 0.39% lower at $5792, LTCUSD is 0.87% higher at $35.75 while ETHUSD is 0.70% lower at $121.59.
Volatility is the main story in the upcoming trading sessions as the impact of the coronavirus outbreak will continue to drive cryptocurrencies.
Read our Best Trading Ideas for 2020.
Ripple Price Technical Outlook
Ripple price is 0.65% higher at 0.1488 as the consolidation phase continues after the recent rebound. The technical outlook is bearish as the crypto pair trades well below the major daily moving averages. What can cancel the bearish momentum is a move above the 100-day moving average at 0.2240.
On the downside, the initial support for XRPUSD stands at $0.1450 today’s low. Next support zone for the Ripple will be met at $0.1405 the low from March 18th trading session. The 33-month lows at 0.1139 will provide the next support zone.
On the flip side, first resistance for Ripple will be met at $0.1525 the daily high; If XRPUSD breaks above, the next hurdle stands at $0.1621 the high from yesterday’s trading session. The next resistance level to watch is at 0.1751 the high from March 20th.