- Ripple trades over 2% lower on Monday as crypto sentiment worsens.
- The price is now testing an important support area after the MA was rejected.
XRP/USD daily chart
Ripple has been moving lower today much like the rest of the cryptosphere after a fresh wave of selling. The price has bounced off the 55 exponential moving average and moved lower. The price is also trading under the all-important 200 daily simple moving average to compound the woes.
The 0.20 psychological level has been a thorn in the side of ripple bulls for for some time now. This is the second time the price has been rejected on this chart alone. The next support zone to watch out for is 0.1738 as if that break it would make a lower high lower low on the intraday timeframes.
On the topside the bulls will need to take out 0.20 and the 55 EMA to have any chance at a sustained run to higher levels but at the moment momentum is fully with the bears.