Ripple Price Analysis: XRP/USD remains at the mercy of the sellers
|- Ripple price bulls nurse wounds closer to the key support at $0.20.
- XRP/USD recovery stalls under $0.21 despite the slightly bullish Asian session on Monday.
Ripple price succumbed to a two-month low as bears crisscrossed the cryptocurrency market over the weekend leaving nothing but havoc in their wake. The minor recovery XRP/USD had recorded towards the end of last week counted for nothing as the price dropped like deadweight trading close to $0.20 for the first time since the beginning of January.
From 2020 high achieved at $0.3468, Ripple has shed off more than 41.73% of its value. The losing streak is likely to continue unless the buyers quickly change the course of action.
XRP/USD is trading at $0.2051 at the time of writing. The Asian session on Monday has recorded a subtle 0.36% growth on the day. The third-largest cryptocurrency is trading at $0.2055. Bulls intend to defend the support at $0.20 like their lives to depend on it. This is to ensure that any possibility of eyeing a return to December lows of $0.1750 is averted early.
Technically, sideways trading action appears to be the next viable direction. The RSI ranges at 34 after avoiding the oversold region in spite of the acute losses. This means that bullish pressure is not entirely ousted and that the buyers still have some power to defend the critical support area. The bullish pressure is emphasized by the ability of the 50-day SMA to hold above the longer-term 200-day SMA. However, the only way to guarantee recovery is to push XRP/USD above $0.22.
XRP/USD daily chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.