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

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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. 

XRP Charts

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

ripple (XRP) Technical Analysis

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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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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