Ripple price retreat today and tests the 100-day moving avearrrge, as the crypto pair continues the consolidation phase between $0.2240 and $0.2430. XRPUSD has formed a double bottom at the $0.2240 level and yesterday managed to return above the critical 100-day moving average. Ripple correction that started in mid February stalled around 0.2240, with over 33% losses since the February highs.
XRPUSD and the other cryptocurrencies felt the pressure from the coronavirus outbrteak crisis, in disappointment to some investots that the cryptocurrencies will act as a safe haven during the crisis..
The XRPUSD capitalization is now at 10.29 billion with trading volume reaching 2.52 billion in the last 24 hours.
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XRPUSD is 2.23% lower at $0.2340 giving up some of yesterday’s gains. Ripple is testing the critical 100-day moving average at $0.2325. A break below will give the bears the upper hand. The technical outlook is neutral and only a break below the 100-day moving average or a break above the 200-day moving average can initiate a new trend.
On the downside the first support for Ripple stands at $0.2330 the daily low. Next support for the XRPUSD will be met at $0.2255 the low from yetserday’s trading session. If the price moves below then the next support area stands at $0.2225 the low from March 1st.
On the flip side, initial resistance for XRPUSD stands at $0.2399 the daily top; If Ripple breaks above the nest resistance level will be met at $0.2478 the higggh from February 27th. More offers might emerge at $0.2515 the 200-day moving average.