- Summary:
- Ripple price has lost over 20% in last week's trading. Today, XRPUSD dropped below support at the $0.2300 psychological handle.
In the past week, ripple price has lost over 20%. Despite this, the sell-off on XRPUSD does not show any sign of stopping. Over the weekend, the cryptocurrency fell below support at the $0.2300 handle. The 1-hour time frame reveals that there was a descending triangle on XRPUSD. This is characterized by lower highs and steady lows. A break below support indicates that there may be enough sellers in the market to push price lower.
As of this writing, ripple price has retraced some of its losses back to the 50% Fib level (when you draw the Fibonacci retracement tool from the high of March 1 to today’s low). This price, the $0.2300, could provide ripple price with resistance. Reversal candlesticks could indicate that sellers are priming to push price to the low of March 1 at $0.2230. If support at this price does not hold, the next floor is at $0.2160 where XRPUSD bottomed on January 25.
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On the other hand, a strong bullish close above the psychological handle could mean that there are still buyers in the market. If this turns out to be the case, near-term resistance is at $0.2350 where ripple price topped on March 1.