XRP/USD Analysis

XRP/USD Analysis

Gate Trade Ripple Tuesday, March 10, 2020 425 0

XRP/USD

XRP turned down from close to the 20-day EMA on Mar. 7. The sharp selling on Mar. 8 has dragged the price below the critical support at $0.22250. The 20-day EMA is sloping down and the RSI is close to the oversold zone, which suggests that bears are in command. 

Currently, the bulls are attempting to defend the psychological support at $0.20. If successful, a relief rally to $0.22250 is likely. We expect the bears to defend this level aggressively.

If the price turns down from $0.22250, the bears will attempt to resume the downtrend and drag the price to $0.17468. Our bearish view will be invalidated if the XRP/USD pair breaks and sustains above the 20-day EMA.