Ripple Price “Remaining Calm, Awaiting Sub $0.1,” Analyst’s Bombshell

17 Mar, 2020

By John Isige

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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XRP News: Ripple Collaborates With Egypt's CIB For Cross-Border Payments

XRP/USD remains range-bound between $0.14 and $0.16 following the drop to $0.10.
Ripple price likely to take time to digest the big moves before significant recovery comes.

Ripple price recently fell in tandem with Bitcoin price, breaking below several support areas and tested the buyer congestion zone at $0.10. A reflex reaction saw the price jump above $0.14 (current short term support). The weekend session nurtured a subtle breakout above $0.15 but the upward movement stalled under $0.16.

The trading on Monday was mostly bearish in the entire cryptocurrency market. XRP/USD explored the lows under $0.15, confirming the short term support at $0.14. Another brief reversal on Tuesday pushed Ripple price to $0.1518 (intraday high). Although the bullish momentum has stalled, XRP is still holding 3.72% above $0.1415 (opening value).

Ripple Price Technical Picture

Ripple price is dancing between the moving average support and resistance; whereby the 50 SMA is providing immediate support while the 100 SMA on the hourly chart capping movements at $0.1497. The prevailing trend is in the favor of the bulls as observed by the RSI’s movement above 50.

However, the buyers do not have enough power to sustain gains above $0.15. Besides, $0.16 is a critical level that must be put in the rearview if XRP/USD has any chance of trading above $0.20 in the coming days.

XRP/USD hourly chart

In spite of the minor recovery, XRP is still inclined to make losses. For instance, Robert Art, a renowned XRP enthusiast says that the cryptoasset has no viable support above $0.10. He adds that once tentative support at $0.13 was shattered, Ripple opened the Pandora box, which awaits sub $0.10 levels.

As mentioned on numerous occasions, there’s no support at $0.10 for XRP. There was support at $0.13 and it broke. Didn’t hold. Remaining calm, awaiting sub $0.10.

— ??Robert Art ?? The Wolf of Rekt Street (@RobertArtRobArt) March 16, 2020

The prevailing XRP technical picture is drab and ‘fast moves not likely in the next few days or even weeks, takes time to digest big moves in the market,” according to Trader ProjectSyndicate on Tradingview.

Ripple Key Levels

Spot rate: $0.1475

Relative change: 0.00557

Percentage change: 3.92%

Trend: Bearish

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.