The level of volatility in the crypto market is still scarily high amid the Coronavirus pandemic, while the lethal disease is continuing to affect the world in every possible way. After a few initial downside price swings, traders started to consider the dips as chances to buy the crypto assets, but now, the prolonged volatile phase seems to have disturbed the buying sentiment.
Currently, even those who have aced their trading skills in the crypto space are not being able to predict when the market will hit bottom. This makes the recovery of coins like Bitcoin, Ethereum, and Ripple way more vulnerable to bears.
In this scenario, the ongoing very slow-paced rebound is the only factor to depend upon. As the coins are moving upwards at a snail’s pace, traders can still consider making an entry into the market if they have missed out on the previous dip. However, one needs to remain mindful while getting into any investment these days, considering the current situation of the global economy.
Ripple Price Analysis
XRP coin started trading on a bearish note since mid-February. The coin saw resistance above $0.33, and then it formed lower highs at $0.28 and $0.24. When the market fell recently on March 13, the coin hit bottom at $0.1395.
Here is where it found a support level to improve its trend, but the XRP coin is under heavy bearish pressure. The coin has barely reached above $0.17, and moving averages have formed a bearish crossover. Notably, a rising pattern has just taken place, and apparently, Ripple can take at least a week to test resistance at $0.20 only if the uptrend remains intact.
Initially this year, the currency had surged by more than 44%, and the recent and prolonged downtrend has washed all the gains. The coin is declined by 58.39%, where it seems to have fallen flat.
The barely noticeable recovery of XRP has taken the price above $0.17, where it is testing resistance. The Bollinger bands have now shrunken, showing no excessive volatility.
Meanwhile, MACD and RSI are in the bullish zone with a positive approach. On the other hand, the coin has slipped way below the 200-day EMA line noting a negative sign.
Additionally, it is anticipated that while Coronavirus has pushed all the markets off the cliff, cryptocurrencies may see a new rise from here. Experts have recently opined that once the pandemic comes to an end, the market will be opening doors to tremendous opportunities. Also, by now, when the cryptos are not any alien technology to the world, such opportunities will be embraced in an improved manner.