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XRP Price Shows Minimal Improvement Amid Gloomy Crypto Market

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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.

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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.

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XRP/USD Chart By TradingView

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 coin has reached above $0.21, and apparently, this has struck a chord with crypto believers:

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.

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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.

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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