Ripple has fallen below the critical support at $0.18. Although the struggle to overcome the resulting resistance continues, a protracted price consolidation has kept the top cryptocurrency under that price area. The market sentiment is moving towards a new phase with the market buyers and sellers splitting the bounties equally.
Alternate price gains and dips have sent XRP/USD into a deep price consolidation from which the trading pair is looking to escape presently. The possible outcomes look undecided still, although the price action still leans towards the bearish sentiment. A movement in any of the two possible directions will most likely persist for the long term perspective.
Ripple is currently changing hands at $0.178 per unit as its markets capitulate at around $7.87 billion. Also, the exchange volumes within the last 24 hours touched the highest point at $1.13 billion as of the time of this analysis.
Also read Ripple price Prediction 2020
XRP/USD Price Chart
On the 4-hour price chart, XRP is hovering around the 23.6% Fibonacci retracement level. If a breakout of the triangle upwards occurs, this will drive the price towards $0.18. Above this, further resistance lies at the top of the Fibonacci indicator, where the initial retracement began. We may expect further push upwards from here.
However, the other possibility is a breakout downwards of the end of the triangle. In this turnout of events, the sellers will drag the price further down. The next level of major support lies at the 78.6% Fib level ($0.170). Below this, XRP may set sail for the $0.165 price area, which is not too good in the long term.
Prices are already at the tip of the triangle pattern and this may be an indication that some drastic price movement is imminent. Although it looks more bearish than bullish, the buyers have an advantage with the Resistance Strength Index which may swing widely during the day. With the life-saving opportunity, XRP may climb up the charts to surpass $0.18 shortly.