XRP Price Shows Minimal Improvement Amid Gloomy Crypto Market
Ripple (XRP) is known to remain immuned to huge market changes as it quickly moves into the range-bound state once after losses occur. The recent price plunge did the same for its price trend; however, this time, a slight amount of price recovery has been noticed.
Along with the whole crypto market, Ripple started this week on a very bearish note after declining by 12.69%. The price decline was noticeably steep, and it took the coin as low as $0.2048 initially.
Further, sideways price momentum kept the XRP coin under bearish pressure, and negative bias continued to pull the price downwards. The currency even had a closing near $0.2003, where it seems to have a support level.
From there, XRP has started a very slow-paced price rebound, which is now going through corrections. Also, the SMA lines have just formed a bullish crossover. The XRP price has reached above $0.21, and apparently, this has struck a chord with crypto believers:
STOCK MARKET HALTS⛔⛔⛔#XRP NEVER HALTS🚀🚀🚀🚀
— 👑 𝕏ℝℙ 𝕂𝕚𝕟𝕘 𝔻𝕠𝕘𝕘𝕠 👑 (@KingDoggoXRP) March 9, 2020
Moreover, despite such strong and recent price plunge, Ripple has managed to gain traction across the world. Amid Coronavirus threat, it is XRP coin, which has witnessed a 33% hike in its search volume.
In its one-day chart, XRP traced a price correction wave yesterday where it went above $0.2150 but then pulled back to $0.20. Currently, the coin is attempting to remain above $0.21. It has formed a falling flag pattern, and it is still moving downwards below the 50% Fib level.
Notably, XRP coin is below the EMA line noting a bearish phase for the price trend. Bollinger bands are slowly opening up for a bit volatile phase. Considering the current market vibe, upcoming volatility cannot necessarily bring positive changes.