All the major currencies are apparently lacking a momentum that can drive them crazy above their resistance levels. However, if we look at the picture n a larger scale, bullish reversals can be noticed in Bitcoin along with top altcoins like XRP and ETH.
This week has started without any exciting surging move for XRP as it took a mild bearish turn after it faced rejection at $0.23. This is happening while we can spot how BTC is playing with a price range of $9000. Notably, whether BTC targets a $10000 price level or not amid the pandemic Coronavirus is still a question.
It is very much visible that such an extreme condition due to the virus has drained out all the major economies while affecting common people’s psych to quite an extent. Experts believe that even after a complete easing of lockdown, financial areas are going to witness the after-effects due to this.
Ripple Price Analysis
A month ago, XRP price was as low as $0.18, and in the first week, it reached above $0.20. In the middle of the month, bears crept in, and the coin went down to touch a $0.17 price mark. From here, a constant bullish journey started as the coin rose by 31.47% within around two weeks. Two major corrections after that took the XRP coin near $0.21. The coin holds a stable RSI while the MACD indicator is in transition.
According to the above chart, one more strong price spike can take Ripple again above $0.23. while the coin has mostly been reliable when it comes to price rallies, it is largely vulnerable to bears too at the moment. The price path shows how drastically the trend has changed in the positive side. The XRP coin is way above the 200-day EMA line, and moving averages are in the bullish zone.