With the crypto market having taken quite a beating from the new coronavirus, Ripple saw its price drop to $0.1280. The coin, along with much of the market, is showing signs of improvement as they climb against the US dollar. The Ripple XRP price has since broken through several resistance levels. However, Ripple’s advance seems to have been halted as, at the time of writing, the Ripple XRP price is trading at $0.1425, a decline of 1.36 percent over the last 24 hours.
The Ripple XRP price has approached a crucial point
Trader Alex Clay has analyzed the XRP price and hasn’t provided too much good news. With XRP currently trading at $0.1430, if the price drops further to about $0.1422, the trader recommends taking a short position. If this is the case, he sets price targets at $0.1386. From there it’s possible to decline to $0.1335, with the final price target being $0.1288. However, if there is an upward breakout above $0.1504, it should be safe to start taking long positions.
Similarly, analyst David Smith has confirmed the formation of a symmetrical triangle. From here, the coin will either drop to $0.1399 before breaking through $0.1363 to finally land at $0.1327. However, on the upside, the Ripple XRP price has the potential to break through $0.1500 and continue its ascent to $0.1568. Depending on which way the coin goes will determine which position to open.
Recently, Ripple’s head of developer relations, Warren Paul wrote in a blog post that economic turmoil has been a leading factor in the rise of cryptocurrencies like Bitcoin, Ethereum and Ripple. He further states that blockchain technology is the “deconstruction of finance.”
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.