Market Calls for a Bullish Stimulus; XRP Goes for 3rd and Sharper Nosedive
- XRP had an immensely bearish pre-opening; the coin may see a deeper plunge this time
- Ripple holds a support level at $0.1820, a little above the 100% Fib level; the coin has formed a bullish candle already
- The 38.20% Fib level may turn out to be a resistance level if Ripple doesn’t rush for a quick recovery of its price
- The recent weekend has brought in the S/R flip regarding the 38.20% fib level
If we look at the 1-week price movements of XRP/USD, it has come up with at least one steep price decline at an interval of every 1-2 days. The currency is unable to hold a strong uptrend against US Dollar. Apparently, the market has started to succumb to the bearish trend again.
At the onset of the previous week, the price rose from $0.1797 to $0.2044, while Bitcoin tested the resistance level at $7409, proving that the market is trading on a sluggish note. Ripple, after hitting the weekly high at $0.2044, has formed two major lows below 50% fib level.
The coin is heading towards its third noticeable price plunge right now after it faced rejection at $0.1959 yesterday. The overnight price drop has formed a few S/R flips, and now the fib levels of 50% and 38.20% are posing as potential resistance levels.
The recent price drop has taken the Ripple price below the 200-day EMA line while the coin is looking for a support level at $0.1828. RSI and MACD indicators are giving negative signs for now. A steady escalation above $0.21 from here seems a bit too tough now, considering the uncertain market.
Related: Check out our Ripple Prediction
The price plunge of Ripple coin initiated on yesterday night was as hefty as 7.02%. The Bollinger bands have widened up, which confirms the current volatile nature of the XRP coin. Meanwhile, the moving averages have formed a bearish crossover, as the 200-day SMA line has climbed above the 50-day SMA line.