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  • Ripple lags a potential upward movement towards $0.20 mainly because investors and traders are choosing to stay at bay.
  • XRP/USD is likely to consolidate between $0.14 and $0.16 in the coming few days.

A drop in cryptocurrency prices such as last week’s would normally attract investors and new buyers to the market as they seek to buy the ‘dip’. However, the prevailing technical picture clearly shows that investors and bull traders are preferring to watch from a far distance. Ripple price dropped like a stone in the air to $0.10 mid-last week. Recovery from the drop has not been forthcoming with acute resistance at $0.15 and $0.16.

XRP/USD is trading at $0.1479 after adding more than 4% in gains to its value on Tuesday. An intraday high has been achieved at $0.1518. However, the trend remains bearish and the volatility high. For now, $0.14 is likely to support a sideways action in a wide range with an upward limit at $0.16.

The RSI in the daily range is flirting with the level at 30. Recovery has not been able to sustain movement towards 50. The leveling movement at 30 emphasizes on the sideways action. In other words, we should get accustomed to stability above $0.14 but with limited movement towards $0.20 in the coming few days

As most investors stay at bay, avoiding the market, Xago an analyst on Twitter believes that this is the right time to buy more XRP. The RSI is oversold as well as the stochastic, both are ingredients for a potential upward movement.

#XRP price fell below the downward channel with a huge amount of volume. The RSI is at the lowest level (oversold) since our chart history can roll back and the Stochastic is oversold. This is a good time to start thinking of accumulating and looking for buy signals. pic.twitter.com/YSkVQK8BJP

— Xago (@Xago_io) March 16, 2020

XRP/USD daily chart

XRP/USD price chart