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Ripple Price (XRPUSD) Down Over 4% on Risk Aversion Fueled by WHO and Trump

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Written By: Angeline Feliciano

Mar 12, 2020, 03:37 GMT 03:37

Ripple XRPUSD

Summary:

Ripple price has not been spared by the dollar’s strength as risk aversion dominates market sentiment. XRPUSD is currently down more than 4%.

Renewed Coronavirus Concerns

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.

Read our Best Trading Ideas for 2020.

Ripple Price Outlook

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.

Written By: Angeline Feliciano

Angeline Feliciano has been trading Forex for over ten years. She has invaluable experience working in FX education companies like BabyPips.com and Learn to Trade as a trader, currency analyst, trading coach, and presenter. Aside from these roles, she has also created intensive educational content on fundamental analysis which is heavily sought after by retail traders. She has taught hundreds of people how to trade the FX market in the Philippines and in Australia. When she is not trading, you can find her in the gym lifting weights.