- Ripple price freefalls to test $0.100 support as the cryptocurrency market is turned upside down.
- Recovery is proving to be an uphill task as relentless sellers camp between $0.1500 and $0.1600.
Ripple price is having a hard time holding onto the subtle gains accrued after the gruesome Thursday and the Asian session on Friday. The third-largest cryptocurrency commenced the session on Friday at $0.1388. It nosedived to $0.1129 (intraday low) before adjusting to $0.1378 (market value).
On the upside, an intraday high has been achieved at $0.1606 (seller congestion zone). Ripple price is also trading under the moving averages whereby the 50-day SMA, the 200-day SMA and the 61.8% Fibo create a confluence resistance at $0.2500.
Intriguingly, XRP/USD has managed to hold above the descending channel support. However, applied technical indicators such as the RSI still emphasize on a continued breakdown and a bearish inclination. It is essential that support at $0.1000 is guarded at all costs to avert the risks of dropping to levels close to $0.05. The confluence detector highlights $0.1449 as the strongest resistance zone holding XRP back. The area is host to the Bollinger Band 4-hour lower and the pivot point one-month support two.
XRP/USD price chart
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