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Ripple Price Analysis: XRP/USD stumbles below $0.20 amid broad crypto sell-off

Ripple Price Analysis: XRP/USD stumbles below $0.20 amid broad crypto sell-off
Yohay ElamYohay ElamFXStreet

XRP/USD is attempting a recovery above $0.20 after falling sharply below that level. Cryptocurrencies are falling across the board. The downfall follows a move to the upside experienced early in the week.

Ripple's token has dipped below the 200 Simple Moving Average on the four-hour chart and is battling to hold onto the 50 and 100 SMA. Upside momentum has all but diminished.

The fresh daily low of $0.1975 is the first support line to watch. It if followed by $0.1916, $0.1918, and $0.1855, which were all low points in the past week. 

Resistance awaits at around $0.2060, which held XRP down before the latest surge, followed by $0.2138 and $0.2144, the two swing highs hit in early June.

-- more coming 

Author

Yohay Elam

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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