After Coronavirus hit the crypto market, pushing it off the cliff, this is the first time where Bitcoin is re-approaching the 10k price mark. On the other hand, XRP is witnessing a limited growth, i.e., way below $0.30. However, the crypto believers, especially for XRP, are ready to wait apparently.
This been a brutal game of patience, I don’t care how long I have to wait, I know exactly what the outcome is. #XRP
— Alex Cobb (@AlexCobb_) May 7, 2020
Ripple Price Analysis
The infamous pandemic that is still nowhere near to under control had affected the global economies along with the crypto market. Over the past two months, the XRP price dropped from $0.33 to $0.14. The coin also had witnessed a few dips below that with a hefty decline of 57%.
From here, the currency tried to step out of the bearish zone, of course, with a few yet major barriers. The partial price recovery managed the price to usher above $0.22, but even after a 60% recovery, the coin is trading below the EMA line. Here, XRP’s MACD indicator is heading towards a bearish crossover.
The one-day chart of XRP/USD shows a 4.60% price rise, followed by corrections. These pullbacks may take the price below $0.2200 soon. Ripple is currently crossing the 61.80% Fib level with a negative bias while moving averages are in a bullish zone for the short-term.
