XRP Seems Totally Under Control of Bears; Dips Even Below $0.20

Ripple (XRP) has triggered a strong selling sentiment among the investors as the coin is failing to halt the massive price decline. The currency has traded below $0.20 as it opened today on an extremely bearish note.

XRP Price Prediction

The whole crypto market is struggling right now to attain a rising approach; however, all seem to be going in vain thanks to Coronavirus effects. Yesterday, the XRP coin was earnestly trying to remain above $0.21, but eventually, it tested support level at $0.1995 while tracing an invert head-and-shoulder pattern.

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XRP/USD Chart By TradingView

After a weak rebound at $0.2098, it faced rejection, and by today morning, the XRP price nosedived sharply. It went as low as $0.1909 and is still below $0.20. The coin is a bit far from even the 38.20 Fib level, while it holds a bullish picture when it comes to the MACD chart. If XRP continues to trade downwards even further, it may form a new monthly low.

Related: Check our XRP Coin Price Prediction

Moreover, since July 2019, the XRP coin has formed double tops above $0.33, and despite the current and noticeable downward trend, the currency has formed an ascending pattern since December. The coin is retesting the support levels it tested in December last year.

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Also, the coin has formed a head and shoulder pattern this year. Ripple is heading towards a volatile phase at the moment as Bollinger bands have opened up. Notably, SMA lines have just traced a bullish crossover. However, at present, moving averages are indicating a strong selling pressure for XRP.

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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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