Ripple Price Analysis: XRP price finds support at $0.20 in a downtrend

The third-most favorite cryptocurrency, Ripple has started out a fresh week on a bearish note, tracking the negative sentiment across the crypto space. Its market capitalization stands at $9.34 billion.

Ripple Price is extending Sunday’s losses and the correction from the Previous weeks highs of $0.2357. The XRP price now loses nearly 5% to trade around 0.21 region, quickly reversing a dip to 0.2073 low. 

Few assets like Zilliqa(ZIL) , Holocoin( HOT) and Hyperion (HYN) have growth in the Monday market. 

At present, the coin has decreased by -4.94% against USD and is trading at $0.212874 USD. In terms of XRP/BTC, the price sloped down by -0.65% trading at 0.00002445 BTC  respectively. 

Also read, Ripple Price Prediction: Will Ripple Reach $5 In 2020?

Currently, the coin is ranking in 3rd position, holding market cap  $9,390,495,194 USD with $$2,334,283,214 USD 24 hour volume and 44,112,853,111 XRP circulating supply.

Ripple (XRP) Technical Analysis

According to the 1-hr chart, the coin rushed through fresh offers after a brief consolidative stint, now looking to accelerate the downside after the bounce was rejected at 200-HMA at 0.2121. The hourly Relative Strength Index (RSI) is probing the oversold territory, suggesting further scope for the downside.

Alternatively, a sustained move above the 200-HMA will drive the pair towards the support-turned-resistance near 0.2160 where the bearish 21-HMA coincides. All in all, the path of least resistance appears to the downside.

Technical indicators

4 hours MACD – The MACD for XRP/USD is gaining momentum in the bearish zone.

4 hours RSI (Relative Strength Index) – The RSI for XRP/USD is currently declining towards the 40 level.

Key Support Levels – $0.2080, $0.2020 and $0.2000.

Key Resistance Levels – $0.2155 and $0.2200.

Recent Update 

Ripple Co-Founder Jed McCaleb Sold 54M XRP worth $11.7M in April

In the course of analyzing known wallets for Jed McCaleb, the Ripple Co-founder, it was revealed that he sold at least 54 million XRP worth $11.7 million in April 2020.

Going by the data made available via XRP ledger explorer bithomp from the Ripple’s co-founder known addresses, he’s seemingly liquidating his supply of tokens on a regular basis.

A closer look at the data revealed that the wallet address used by McCaleb to sell XRP received relatively 1.8 million XRP on a daily basis in April, which is equivalent to 54,215,405 XRP worth $11.7 million at press time.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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