XRP Plummets 10% As Price Tests Key Support, is Sub-$0.20 USD Incoming?

By Lujan Odera
Published January 10, 2020 Updated January 15, 2020
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From: Cryptonomist

XRP Plummets 10% As Price Tests Key Support, is Sub-$0.20 USD Incoming?

By Lujan Odera
Published January 10, 2020 Updated January 15, 2020
  • XRP/USD loses 10% in the last 72 hours threatening to wipe out January gains.
  • XRP heading towards the bearish wedge support level as sub- $0.2000 USD level lingers.

The spike in XRP’s price at the start of the year led to anticipation of a possible uptrend in the coming days but a market bloodshed led by Bitcoin’s breach below $8,000 USD, has seen most of the top altcoins lose ground against the dollar. XRP currently changes hands at $0.20617 against the dollar with a bearish trajectory towards the bearish wedge channel support level at $0.2000 USD.


XRP loses 10% in 72 hours as most of 2020 gains wiped out

After its heroics through January so far, gaining over 18% in one day and beating BTC’s price gains, the price of XRP has retraced over 10% in the past 72 hours signaling a possible push below $0.2000 USD psychological support levels. The coin gained handsomely over the course of January starting the year off at $0.1900 USD and soaring by 18.40% on January 5th to reach an intraday high of $0.22500 USD.


The soar saw the coin cross the weekly bearish channel resistance on Jan. 6, but a failure to close above the resistance saw the coin crash to intraday lows of $0.20779 USD setting the current bearish trend ablaze. ‘

XRP price set to test key support as sub-$0.20000 looms

The digital asset’s trades dangerously on edge as the psychological barrier at $0.2000 USD looks set to be broken in the coming hours. Looking at the 4-hour charts, bears are gaining strength in the market as motivation grows to push a close below resistance at $1.9840 USD. A close below this point will signal doom for the third largest cryptocurrency with a possible move towards lower support at $0.18400 USD in play.


Moreover, the 14-day relative strength index (RSI) is oscillating below 50 on the lower time frame charts with a bearish arc on hand.

However, if bulls can stop the bloodshed and keep price above the key support at $1.9840 USD, the XRP/USD pair will effectively enter into an accumulation period that may see it retrace back to $0.22 USD. Don’t count out XRP just yet!

Images from TradingView

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
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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