Ripple XRPUSD
Ripple price has not been spared by the dollar’s strength as risk aversion dominates market sentiment in today’s trading. XRPUSD is currently down more than 4% for the day at 0.19956.
News about the World Health Organization (WHO) declaring the coronavirus as a pandemic fueled concerns about the infection. As of this writing, there are over 126,000 confirmed cases and 4,630 people have died. In response, US President Donald Trump announced a 30-day travel ban from Europe except for those coming from the UK.
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In response, ripple price along with equities and risk currencies traded lower. On the hourly chart, XRPUSD looks to have formed a bearish flag. This is characterized by a consolidation after a sharp drop. It is considered as a bearish continuation pattern. This means that a close below recent lows at 0.1977 could mean that XRPUSD is headed to its year-to-date lows at 0.1835.
On the other hand, a bullish close above the consolidation will suggest that there are still buyers in the market. Should this happen, we could soon see ripple price test its previous lows at 0.2245.