Is it Corona-effect?
Indeed, to quite an extent!! The outbreak of this fatal disease has spread already in around 94 countries, out of which many hold crypto users in some or the other way, especially Bitcoin. Notably, BTC has been dragged down to $7000 price range from $9000 recently, which shows a significant fall over such a short time span.
Apparently, the whole crypto market is vulnerable to further losses as there seems no sign of recovery at the moment. The majority of the coins, including altcoins like Ripple and Ethereum, are way below their crucial support levels amid a few S/R Flips.
XRP’s 4-day long bullish streak saw a harsh bearish break-out yesterday
The past week kept giving us positive signs regarding XRP’s price trend, declining, which, the coin has just bottomed near $0.2085. The mild bullish sentiment was intact for a large part of the week; however, the week ended on a bearish note with a steep fall. Continuing its price decline, XRP price has traded even below the 0% Fib level while tracing lower lows.
The bearish trendline has just been halted with a bullish candle. As highlighted in the chart, RSI went as low as 7 (Extreme oversold phase!) yesterday, and now it is heading upwards at 47, showing no extremities. MACD chart is in the positive zone with its MACD line on the upside.
Can we expect a rebound?
It is perhaps too much if we look for a quick rebound above $0.23. Yesterday’s price plunge took Ripple price down by more than 13%, although the $0.2000 price level is intact as yet. The coin is below the 38.20% Fib level, yet it is likely to breach the recently formed falling wedge.
The coin is trading well below the EMA line since yesterday, and also, the 200-day EMA poses as a resistance level now. Moreover, the Bollinger bands are not showing any clear sign of possible volatility while the fear of XRP getting range-bound continues at the moment.