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.

XRP Price Shows Minimal Improvement Amid Gloomy Crypto Market

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 XRP price 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 the world's leading digital currencies.

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