Ripple Price Tumbles Under $0.20: Freefall $0.1750 Imminent

By John Isige
Published March 12, 2020 Updated March 12, 2020
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Ripple Price Tumbles Under $0.20: Freefall $0.1750 Imminent

By John Isige
Published March 12, 2020 Updated March 12, 2020
  • Ripple price risks trigging massive losses if support at $0.19 is shattered.
  • The hope of a bullish reversal stays live with the formation of a falling wedge pattern.

The Coronavirus has once again triggered a massive selloff across the cryptocurrency market, Big Tech, and the stock market. The losses come after the World Health Organization (WHO) declared COVID-19 a global pandemic.

Ripple price is in shambles alongside other cryptocurrencies. The more than 16% loss has forced XRP down a painful path to breaking below the key $0.20 area. Bitcoin (BTC) is down 14.19% in the last 24 hours to trade at $7,648 while Ethereum (ETH) is 19.93% lower and trading at $182.

XRP/USD is extending the gap below the moving averages in the hourly range. The 50 SMA is also beneath the 100 SMA, emphasizing on the seller grip. Correction under $0.20 could trigger further losses towards December 2019 low around $0.1750.

XRP/USD hourly chart

XRP/USD price chart by Tradingview

All technical indicators seem to have aligned against the bullish trend. The Relative Strength Index (RSI), for instance, is back in the oversold region since March 9. The sharp slope is reminiscent of the losses experienced on the day. Investors and traders should get ready for another carnage in the event the support at $0.19 is shattered.

Ripple Price Forecast

The saying, ‘it’s darkest before the dawn’ could be used to describe Ripple’s possible bullish reversal above a falling wedge pattern. As long as the wedge support holds, losses towards $0.1750 could pave the way for more buying entries and eventually be the force behind an upward trajectory towards $0.30.

Ripple Key Levels

Spot rate: $0.1962

Relative change: -0.01347

Percentage change: -6.28

Trend: Bearish bias

Volatility: High

 

 

 

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1158 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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