- XRP/USD hit the lowest level of 2020 amid major sell-off on the market.
- Brad Garlinghouse says XRP is a clear buy now.
Ripple’s XRP has experienced another leg down amid global sell-off both on cryptocurrency markets and traditional financial markets. The third-largest digital asset with the current market value of $8.3 billion lost nearly 10% in recent 24 hours to trade at $0.1883 at the time of writing. XRP/USD touched the intraday low at $0.1838, which is the worst level since December 2019.
Brad Garlinghouse urges users to buy XRP
The CEO of the blockchain startup promotes Ripple’s token saying that it is better than gold. He wrote a series of posts on Twitter:
Why buy #gold when you can buy #ripple $xrp !! Ripples are worth so much more. Collect as many ripples as you can. How many XRP’s can you get before time runs out?!
According to Garlinghouse, oil is tanking because of all the money flood to Ripple. He believes that the coin has the potential to withstand the crisis even if the world economy collapses.
The reason why #oil is tanking is because all the monie is flooding to #Ripple $xrp
XRP/USD: Technical picture
XRP/USD is oversold with the intraday RSI showing signs of reversal. Apart from that, the price usually tends to get inside the Bollinger Band, which means XRP/USD may recover from the recent lows towards $0.1900. If this is the case, the next resistance of $0.1983 (March 9 low) will come into focus. The ultimate upside target is created by psychological $0.2000 and SMA50 1-hour at $0.2070.
On the downside, if $0.1800 gives way, the sell-off may be extended towards $0.1752, which is the lowest level of 2019 reached on December 18. The next support comes at $0.1680 (the lower line of the weekly Bollinger Band), while the downside-looking RSI on the long-term charts implies that the sell-off may be resumed after a short-lived recovery.
XRP/USD 1-hour chart