Ripple (XRP) price moves sideways with no meaningful price action on Tuesday. XRP price is consolidating near the crucial support level. However, Taurus must show strong conviction to maintain the current price action.
Ripple (XRP) price trading in a tight bandwidth during the US session. XRP could plunge 20% from current levels if it moves below $0.65. US stock indices are falling as tensions between Russia and Ukraine mount.
At press time, XRP/USD is trading at $0.69%, down 0.85% for the day. The sixth largest cryptocurrency by market capitalization has a 24-hour trading volume of $4,137,133,248 according to the CoinMarektCap.
XRP, the native currency of Ripple Network, helps facilitate transactions on the RippleNet platform. Furthermore, the lengthy lawsuit with SEC is about to reach a conclusion that is expected to work out in Ripple’s favor. But Ripple was unfazed by the news.
XRP prepares for one more leg down
Source: Trade View
On the daily chart, Ripple (XRP) price has been in continuous downward momentum since November 10 after reaching all-time highs of $1.34. After consolidating around the January lows of $0.55.
The price action is repeating the historical technical pattern as XRP bounced off the December 6 lows with a 35% gain. Similarly, after a 45% drop at the end of January, the price rose another 30%.
If the price now dips below the session low, it would retest the January lows.
On the downside, a spike in buy orders could push the price towards the previous day’s highs of $0.80. Next, market participants would aim for the 200-EMA (exponential moving average) at $0.86.
Technical indicators:
RSI: The Daily Relative Strenght Index (RSI) is trading at 42 after falling below the midline on Feb. 16.
MACD: The moving average convergence divergence (MACD) is holding above the midline with declining upward momentum.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.
About the author
This post Ripple (XRP) Price Forecast: XRP Facing 20% Downside Risk, Trade Below $0.65 A Sign to Worry
was published first on https://coingape.com/markets/ripple-xrp-price-prediction-xrp-face-20-downside-risk-trade-below-0-65-a-sign-to-worry/
