Ripple Price Analysis: XRP/USD settles for consolidation above $0.15
|- Ripple’s losses surprisingly contained in a descending channel.
- The support at $0.15 means a lot to the buyers in the fight for recovery above $0.20.
Ripple price is down 37.10% in the last seven days. The cryptocurrency market has been in a horrible state this week. Losses across the board have had shattering effects, especially for top the three digital assets; Bitcoin, Ethereum and Ripple. The weekend session is still dealing with more losses, for instance, XRP/USD is down 5% and counting. The price is delicately dancing at $0.5114. An intraday low has been traded at $0.1501 which means that $0.1500 is an immediate support zone.
Surprisingly, Ripple’s losses have been contained within a descending channel. However, gains towards the channel resistance have not been forthcoming in the last couple of days. XRP/USD remains vulnerable to declines as long as it stays under the resistance $0.20 Meanwhile, the RSI is stuck within the oversold suggesting that selling activities are high.
A fresh round of losses to $1.00 (Friday support) could paralyze the buyers in the coming sessions. Therefore, it is vital that support at $0.15 is defended by all means. Continued consolidation above $0.15 is likely to increase investor interest in XRP, eventually pulling the price above $0.20.
XRP/USD daily chart
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