The Coronavirus has once again triggered a massive selloff across the cryptocurrency market, Big Tech, and the stock market. The losses come after the World Health Organization (WHO) declared COVID-19 a global pandemic.
Ripple price is in shambles alongside other cryptocurrencies. The more than 16% loss has forced XRP down a painful path to breaking below the key $0.20 area. Bitcoin (BTC) is down 14.19% in the last 24 hours to trade at $7,648 while Ethereum (ETH) is 19.93% lower and trading at $182.
XRP/USD is extending the gap below the moving averages in the hourly range. The 50 SMA is also beneath the 100 SMA, emphasizing on the seller grip. Correction under $0.20 could trigger further losses towards December 2019 low around $0.1750.
XRP/USD hourly chart
All technical indicators seem to have aligned against the bullish trend. The Relative Strength Index (RSI), for instance, is back in the oversold region since March 9. The sharp slope is reminiscent of the losses experienced on the day. Investors and traders should get ready for another carnage in the event the support at $0.19 is shattered.
Ripple Price Forecast
The saying, ‘it’s darkest before the dawn’ could be used to describe Ripple’s possible bullish reversal above a falling wedge pattern. As long as the wedge support holds, losses towards $0.1750 could pave the way for more buying entries and eventually be the force behind an upward trajectory towards $0.30.
Ripple Key Levels
Spot rate: $0.1962
Relative change: -0.01347
Percentage change: -6.28
Trend: Bearish bias
Volatility: High
