The ongoing pandemic, Coronavirus, has played a vital part in the recent market crash of cryptos along with other financial assets. At the moment, the crypto market is still yet to come out of the recent bearish hit, and as the YTD chart shows, XRP has steeply tumbled breaking major support levels.
The coin has, however, stopped falling dipper, but a reliable recovery doesn’t seem imminent right now. The coin had made an entry in 2020 on a mildly bullish note, and it reached above $0.33 in mid-February, where it faced stiff resistance.
The gradual pullback here took place, and after that, any bullish reversal couldn’t occur partly due to the already sluggish market. This month, Coronavirus has triggered the bearish impact, which has intensified the price fall. The majority of the coins have dropped well below their key supports just like XRP, and we still cannot foresee any quick recovery.
XRP found a support level at $13 a couple of days ago; also, it had formed a few closes below $13. The coin is now busy gaining stability above $0.15. Notably, the Bollinger bands have opened up, which shows that the market may go through a volatile phase again.
Meanwhile, the short term SMA line is below the long term SMA line noting a bearish spell. RSI is at 40, showing no extremities at the moment.
Today, Ripple has started a short-term uptrend, due to which it has reached above $0.15. The coin may see resistance above $0.16 if the recovery spree remains intact. Here, the Fib levels between 50% and 61.80% are likely to act as an active support level. Moreover, the coin is comfortably trading above the 200-day EMA line. On the other hand, the MACD chart has entered the bearish zone confirming the current downward correction.
