Ripple Technical Analysis: XRP/USD do-or-die scenario at $0.20
- Ripple price is currently at $0.198 as bulls are fighting to stay above the crucial $0.20 level.
- XRP/USD is holding the daily uptrend but slowing down significantly.
The XRP price target at $0.21 is slowly fading away after an extended consolidation period. XRP is still fighting to stay above $0.20 while daily EMAs are catching up to the current price. For now, bulls have defended the daily 12-EMA and are not worried about losing the daily uptrend, however, a close below $0.20 again will indicate a significant shift in momentum in the short-term.
XRP/USD daily chart
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The daily chart has produced several long-wick candlesticks already indicating that investors are not sure where XRP is going next. After an initial strong rally towards $0.21, XRP slowed notably. It’s also important to realize that the huge breakout was possible thanks to how weak XRP has been for the past few months.
XRP’s total market dominance has increased from 3% to 3.26% but it’s still far lower than what it was back in October 2019 at 5.7%.
Author
Lorenzo Stroe
Independent Analyst
Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.
