- 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
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