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Ripple (XRPUSD) breaks range to the downside

16 Oct, 2020

Ripple (XRP) was seeming trapped inside a range defined by 0.2450 and 0.2600, as was updated here yesterday morning. It looked likely that the downside might be the one to cave in first as was noted at the time. Well, that did not happen yesterday as the rebound in the major coins, led by Bitcoin moving back above 11,500 allowed some of the Alt coins to make a move higher too. However, that did not apply to Ripple as it was unable to even recover back above 0.25. Consequently, it was not much of a surprise to see the price fall more sharply earlier today when Bitcoin fell to fresh interim lows near 11,200. The break below 0.2450 did deliver some rapid acceleration as the price dropped below the 100 day moving average (currently at 0.2415) to as low as 0.2392. It has steadied back above 0.2415 again since, but the rebound is not guaranteed to last unless it can at least recover back above 0.25. So once again, a potential move towards the bottom end of the wider range, nearer to 0.22 might be where the market wants to head to next. XRPUSD is just now trading at 0.2423

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