Apparently, the market is heading towards the third significant price plunge of 2020 amid persisting Coronavirus fears. While major economies like China, Italy, and many others are already affected, it is now India, where the death toll has increased significantly owing to Coronavirus.
This is going to impact all the markets hugely as India is one of the countries which have recently lifted the crypto ban. Also, a large portion of investors is out there who might have taken full advantage of the buying opportunity while BTC went below $4000. While Bitcoin tested supports as low as $3,934.03, XRP was dipping below $0.12. At the time, Twitter was flooded with the tweets suggesting ‘HODL’ the XRP coin, anticipating possible surges in its price.
However, the current market position denies any quick price escalations for now. Further loss of valuation seems imminent, which shows, missed out buying opportunities still can be grabbed.
XRP Price Analysis
Ripple’s monthly chart shows how the coin has devastated since March 1. The altcoin was above $0.22 in the first week of the month, and from there, it has nosedived below its crucial support levels near $0.20, $0.15 and $0.13.
The minimal price recovery took place the same day, and in the next couple of days, it reached above $0.15, and in the next few days, it even tested resistance above $0.17. However, since the past weekend, the XRP price has started to decline again. If the decline furthers, the rising flag will be breached, inviting bears.
Here, moving averages are in the negative zone, while MACD confirms the same. RSI, on the other hand, is moving upwards, having a stable stand for now. Notably, the coin is still below the 38.20% Fib level.
The one day chart clearly depicts a downtrend that has ended with a correction wave. Ripple has stopped forming lower highs, but chances are higher that XRP may get range bound within $0.14 and $0.15. Additionally, the coin is below the 200-day EMA line showing a bearish impact (which better leave the market soon!).