Price Analysis

Black Friday in Crypto!! XRP Critically Rests Above Year Low Price

Traders of all the markets have turned sleepless, restless, and, of course profitless over the last week amid the worldwide crash of all the sectors starting from oil to tech to…undoubtably cryptocurrencies!!

While all the strong crypto supporters kept persisting on the idea which said that cryptos can sail through any of the market hurdles unlike traditional markets till now, Coronavirus and the massive peril attached to it have proved them wrong.

Taking everyone’s breath away, Bitcoin price has dwindled even below its yearly low price level, breaking so many crucial price levels. BTC’s all the gains of 2020 have been washed out over the last week. On the other hand, XRP has taken the bearish sentiment all the more seriously. Similarly, the foremost altcoin Ethereum has noted a sizeable price decline by 43% yesterday as it had a dip even below $100.

XRP coin had a mild bearish vibe for the last week, which has seen a strong negative breakout yesterday. The currency opened at $0.20, and it started exploring price ranges below $0.18 with a free fall.

Ripple News
XRP/USD Chart By TradingView

XRP formed a dip at $0.15, and after rebounding above $0.17, it resumed the decline. Yesterday, Ripple closed just above the 52-week low, and today it has traded even below $0.12. XRP has recovered above $0.14 with a sluggish approach after it traced a close as low as $0.1183.

The coin has even tested resistance at $0.16 today, which shows how the currency is being played by the current market volatility. The recent collapse of the market has stirred the community on twitter. Recently, CEO of Factor LLC, Peter Brandt has tweeted with XRP’s chart yet again:

Meanwhile, XRP, due to its in general not so active approach, is witnessing memes coming in its way instead of bulls, unfortunately!

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Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on world's leading digital currencies. She holds graduate degree in journalism.

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